DALLAS, TX - Grubb & Ellis Apartment REIT, Inc. announced the acquisition of Bella Ruscello Luxury Apartment Homes, a 216-unit multifamily community in the Dallas suburb of Duncanville. The acquisition closed on March 24, 2010.
Source: Grubb & Ellis Apartment REIT
Located at 250 E. Highway 67, Bella Ruscello Luxury Apartment Homes was built in 2007 on approximately 10.6 acres. The gated community offers one- and two-bedroom apartments as well as a community clubhouse featuring a media room, business center and a well-equipped gym. The property offers four floor plans ranging in size from 655 square feet to 1,074 square feet, all of which include nine foot ceilings, detached garages, track lighting, full-size washer/dryer connections, ceiling fans and other amenities. The community includes a resort-style swimming pool, running and bike trail, landscaped grounds, direct access to a five-acre "water view" park, as well as wooded, creek and pool views. Residents enjoy easy access to Highway 67, Interstates 20 and 35, and nearby shopping and dining options.
"Bella Ruscello Luxury Apartment Homes is a well-occupied and well-equipped luxury apartment community that adds immediate value to Grubb & Ellis Apartment REIT," said Stanley J. Olander Jr., chairman and chief executive officer. "Bella Ruscello is concrete evidence of the favorable acquisition environment we currently enjoy; this exceptional property was acquired at a significant discount compared to what it likely would have traded for just a couple of years ago."
Bella Ruscello is currently 97 percent occupied. The property was acquired from Duncanville Villages Multifamily, Ltd., an unaffiliated third party. Grubb & Ellis Apartment REIT financed the acquisition with cash proceeds received through its follow-on public offering and financing provided by Fannie Mae, arranged by Berkadia Commercial Mortgage.
Grubb & Ellis Apartment REIT, Inc. is a publicly registered, non-traded real estate investment trust that seeks to preserve, protect and return investors' capital contributions, pay regular cash distributions, and realize growth in the value of its investments upon the ultimate sale of such investments. Grubb & Ellis Apartment REIT is seeking to raise up to approximately $1 billion in equity and to acquire a diversified portfolio of apartment communities with stable cash flows and growth potential in select U.S. metropolitan markets. Grubb & Ellis Apartment REIT has acquired a geographically diverse portfolio of 14 apartment properties valued at approximately $358 million, based on purchase price.