SANTA ANA, CA - Grubb and Ellis Apartment REIT, Inc. today announced the acquisition of Canyon Ridge Apartments, a 350-unit multifamily community in the Nashville suburb of Hermitage, Tenn. Located at 3868 Central Pike, Canyon Ridge Apartments consists of approximately 341,000 rentable square feet situated on roughly 22.5 acres. Built in 2005, the gated community comprises 13 three-story buildings offering one-, two- and three-bedroom apartments as well as a community clubhouse. There are six floor plans available that vary in unit size from approximately 750 square feet to roughly 1,184 square feet. Property amenities include a fitness center, cyber cafe, lap pool with surround sound and two tanning salons. Unit features may include island kitchens with granite counter tops, full-size washer and dryer connections, ceiling fans, walk-in closets and fireplaces.
Canyon Ridge Apartments offers easy access to Interstate 40, is in close proximity to Nashville International Airport, and is surrounded by residential developments as well as retail outlets, including Kroger, Wal-Mart and Home Depot. The property is currently 94 percent leased and provides parking for 660 passenger vehicles, split between attached and detached garages, carports and surface parking spaces.
"The acquisition of Canyon Ridge Apartments further diversifies the Grubb and Ellis Apartment REIT portfolio and is consistent with our investment strategy to acquire assets in growing markets with strong economies," said Grubb and Ellis Apartment REIT Chief Executive Officer Stanley J. Olander Jr. Grubb and Ellis Apartment REIT purchased Canyon Ridge Apartments from an affiliate of Principal Real Estate Investors LLC, represented by Scott Tyrone and Perry Gooch of Colliers Turley Martin Tucker. Financing was primarily provided by Capmark Bank, and arranged by Don Marshall and Mike Bryant
As of August 29, 2008, Grubb and Ellis Apartment REIT has sold approximately 13.5 million shares of its common stock, excluding the shares issued under its distribution reinvestment plan, for approximately $134.6 million through its initial public offering, which began in the third quarter of 2006. Grubb and Ellis Apartment REIT offers a monthly distribution of seven percent per annum and, as of September 15, 2008, has made 13 geographically diverse acquisitions with a total portfolio valued at approximately $341 million, based on purchase price.
Grubb-Ellis Company, one of the largest and most respected commercial real estate services companies, is the sponsor of Grubb-Ellis Apartment REIT, Inc. With more than 130 owned and affiliate offices worldwide, Grubb-Ellis offers property owners, corporate occupants and investors comprehensive integrated real estate solutions, including transaction, management, consulting and investment advisory services supported by proprietary market research and extensive local market expertise.
Source: dBusinessNews.com