NORTH KANSAS CITY, MO – January 5, 2016 – Maxus Realty Trust, Inc. (“MRTI”), a real estate investment trust with corporate headquarters located in North Kansas City, MO, has completed the acquisition of the Mallard Creek apartment community in Horn Lake, Mississippi for $8,160,000.
Horn Lake is a suburb of Memphis, Tennessee. Mallard Creek was constructed in 1998 and includes 144 apartment units comprising approximately 165,000 square feet.
In connection with the acquisition, MRTI assumed the existing HUD mortgage loan. The HUD mortgage loan has a balance of approximately $6.9 million, carries a fixed interest rate of 3.28% and matures April 1, 2050.
MRTI is a REIT that is in the business of acquiring, investing, developing and redeveloping multifamily and commercial properties in Missouri, Arkansas, Oklahoma, Texas, Florida, Kansas, Mississippi and Louisiana. MRTI has ownership interests in 26 multifamily properties (6,972 apartment homes) and has 92,059 square feet of retail space. MRTI’s common stock is quoted on the OTC Pink market tier of the OTC market, which operates an interdealer quotation system and electronic messaging service, called OTC Link®, for broker-dealers to trade OTC equity securities. Additional information about MRTI may be found at www.otcmarkets.com (symbol “MRTI”).