American Multiplex, a shareholder of the Kuskokwim Corporation, with real estate investments throughout Anchorage, began as a vision of former Anchorage mayor Rick Mystrom in 1978 when he and his wife, Mary, first bought three apartment buildings in Anchorage. By 1989, American Multiplex had amassed 10 apartment complexes across the city.

American Multiplex forged a partnership with TKC’s Kuskokwim Properties LLC in 2007. Today, TKC holds 95% interest in Kuskokwim Properties LLC and American Multiplex owns 5%. The portfolio consists of six apartment complexes showing $8.8 million total assets in its 2010 financial report.

In these times of severe economic downturns, one could assume significant financial losses for American Multiplex; however, the reverse is true, according to both Rick and Rich.

“We’re in a growth mode, and this is an excellent time to be an owner of apartments. The market is strong right now, and especially in this uncertain economy because people are hesitant to buy homes. There’s very little building of homes and apartments going on because of (economic) uncertainty. But, that actually favors us,” Rick said. “There are people moving into Anchorage on a regular basis, and they’re moving into apartments.”

“Right now, the market is good, and we have more than $1 million in revenues and cash reserves to expand the business,” Rich also said. “We bought a building for $1 million three years ago, fixed it up, and it recently just got appraised for $2.4 million,” he added echoing his father’s perspective of the current market.

Both Mystroms agree that the future is bright for TKC’s American Multiplex, which adds to the continuing success of The Kuskokwim Corporation as one of Alaska’s premiere corporations.