Grubb & Ellis Apartment REIT Acquires The Myrtles at Olde Towne in Portsmouth, Virginia
01 January 2008 - 11:29AM
PR Newswire (US)
SANTA ANA, Calif., Dec. 31 /PRNewswire-FirstCall/ -- Grubb &
Ellis Apartment REIT, Inc. has acquired The Myrtles at Olde Towne
in Portsmouth, Virginia. The acquisition closed on December 21,
2007. The Myrtles at Olde Towne is a 246-unit multifamily property
totaling more than 221,000 rentable square feet on approximately 10
acres. Built between 2004 and 2005, the property consists of six
three-story apartment buildings that offer five floor plans ranging
in size from 751-square-foot one bedroom/one bath units to
1,137-square-foot two bedroom/two bath units. Unit amenities
include balconies or patios, nine foot ceilings, track lighting,
walk-in closets, washer/dryers and built-in surround sound
speakers. Community amenities include a luxury clubhouse with
veranda, modern movie theater, state-of-the-art fitness center,
billiards room with wet bar and a resort-style swimming pool with
fountain. The Myrtles at Olde Towne is located two miles from
Interstate 264 on the border of the Olde Towne Portsmouth historic
district. The property provides 413 parking spaces, including 72
garages, for a parking ratio of 1.6 spaces per unit. The community
is adjacent to the Naval Medical Center Portsmouth, one of the
largest and most modern U.S. Navy hospitals and one of the area's
major employers. The Myrtles at Olde Towne is currently 89 percent
occupied. Portsmouth is a part of the Hampton Roads metropolitan
statistical area, which boasts a population in excess of 1.6
million people and an unemployment rate of approximately three
percent, significantly less than the national average, according to
the U.S. Department of Labor's Bureau of Labor Statistics. While
the military and government are main drivers of the local economy,
accounting for nearly 21 percent of employment, recent growth in
the area has transformed Portsmouth into a major shipping hub with
a diverse economy. According to Moody's Economy.com, average
household income in the region exceeds $96,000. "The Myrtles at
Olde Towne is a wonderful property that adds additional economic
strength to Grubb & Ellis Apartment REIT," explained Stanley J.
Olander, president, chief executive officer and chairman of the
REIT. "This acquisition is also significant because it provides
further geographic diversity to our growing portfolio of premier
apartment communities." Grubb & Ellis Apartment REIT offers a
monthly distribution of 7.0 percent per annum, and is seeking to
acquire properties in geographically-diverse markets throughout the
United States that are poised for strong population and economic
growth. As of December 14, 2007, Grubb & Ellis Apartment REIT
has sold approximately eight million shares of its common stock for
more than $80 million through its initial public offering, which
began in the third quarter of 2006. Grubb & Ellis Apartment
REIT purchased The Myrtles at Olde Towne from The Myrtles at Olde
Towne, L.L.C. Financing was primarily provided by Freddie Mac.
About Grubb & Ellis Grubb & Ellis Company (NYSE:GBE), 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. Grubb & Ellis and its subsidiaries are
leading sponsors of real estate investment programs that offer
individuals and institutions the opportunity to invest in a broad
range of real estate investment vehicles, including tax-deferred
1031 tenant-in-common (TIC) exchanges, public non-traded real
estate investment trusts (REITs) and real estate investment funds.
As of September 30, 2007, nearly $3 billion in investor equity has
been raised for these investment programs. The company and its
subsidiaries currently manage a growing portfolio of more than 214
million square feet of real estate. In 2007, Grubb & Ellis was
selected from among 15,000 vendors as Microsoft Corporation's
Vendor of the Year. For more information regarding Grubb &
Ellis Company and the merger, please visit
http://www.grubb-ellis.com/. THIS PRESS RELEASE IS FOR
INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER TO SELL OR THE
SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. DATASOURCE: Grubb
& Ellis Apartment REIT, Inc. CONTACT: Jill Swartz of Grubb
& Ellis Apartment REIT, Inc., +1-714-667-8252, ext. 251, Web
site: http://www.grubb-ellis.com/ Company News On-Call:
http://www.prnewswire.com/comp/136726.html
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