DALLAS, TX - Grubb & Ellis Apartment REIT, Inc. today announced the acquisition of Mission Rock Ridge Apartments, a 226-unit multifamily community in Arlington, located between Dallas and Fort Worth. The acquisition closed on Sept. 30, 2010. Located at 305 Ranch Drive, Mission Rock Ridge Apartments was built in 2004 on approximately 12.6 acres. The gated community offers one-, two- and three-bedroom apartments as well as a community clubhouse featuring a media room, business center and a well-equipped gym.
"Mission Rock Ridge is a Class A multifamily development in a thriving community that adds immediate value to the Grubb & Ellis Apartment REIT portfolio and to our investors," said Stanley J. Olander Jr., chairman and chief executive officer. "We are in the midst of an exceptionally favorable acquisition environment, and we are committed to adding quality assets such as Mission Rock Ridge to our growing portfolio of income-producing apartment communities."
Mission Rock Ridge offers multiple floor plans ranging in size from 688 square feet to 1,396 square feet, all of which include nine-foot ceilings, crown molding, ceiling fans, built-in microwave ovens, washer/dryer connections, walk-in closets and either a patio or balcony; select units may include attached garages, studies and wood-burning fireplaces. The community includes a resort-style swimming pool, spa, volleyball court, shuffle board, outdoor fireplace, children's playground and other luxury amenities. Residents enjoy easy access to Interstate 20 as well as nearby shopping and dining options.
Mission Rock Ridge is currently 97 percent occupied. Grubb & Ellis Apartment REIT previously announced that it had entered into agreements with MR Holdings, LLC and its affiliates to acquire nine multifamily communities managed by its affiliate, Mission Residential Management, LLC. Mission Rock Ridge is the first of these acquisitions to be completed.
Grubb & Ellis Apartment REIT financed the acquisition with cash proceeds received through its follow-on public offering and financing provided by Berkadia Commercial Mortgage, LLC through the Freddie Mac Capital Markets Execution Multifamily Standard Rate Lock Loan Program.
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 15 apartment properties valued at approximately $378 million, based on purchase price.
Source: Grubb & Ellis Apartment REIT