Grubb & Ellis Apartment REIT Enters Agreement to Acquire Bella Ruscello Luxury Apartment Homes Near Dallas
28 January 2010 - 9:49AM
PR Newswire (US)
DALLAS, Jan. 27 /PRNewswire/ -- Grubb & Ellis Apartment REIT,
Inc. today announced that it has entered into an agreement to
acquire Bella Ruscello Luxury Apartment Homes, a 216-unit
multifamily community located in the Dallas suburb of Duncanville.
The acquisition is subject to customary closing conditions and the
satisfaction of other requirements as detailed in the agreement.
Located at 250 E. Highway 67, Bella Ruscello Luxury Apartment Homes
was built in 2008 on roughly 10.6 acres. Approximately 97.4 percent
leased, 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 waterview 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 tremendous value to the Grubb &
Ellis Apartment REIT portfolio," said Stanley J. Olander Jr.,
president and chief executive officer. "We believe we are in the
midst of one of the most attractive acquisition environments in
recent years, and I am thrilled be able to take advantage of this
opportunity to add Bella Ruscello to our portfolio." About Grubb
& Ellis Apartment REIT 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 offers a monthly distribution of 6
percent per annum and has acquired a geographically diverse
portfolio of 13 apartment properties valued at approximately $341
million, based on purchase price. Grubb & Ellis Apartment REIT
is sponsored by Grubb & Ellis Company (NYSE: GBE). Named to The
Global Outsourcing 100(TM) in 2009 by the International Association
of Outsourcing Professionals(TM), Grubb & Ellis is one of the
largest commercial real estate services and investment companies in
the world. Our 6,000 professionals in more than 130 company-owned
and affiliate offices draw from a unique platform of real estate
services, practice groups and investment products to deliver
comprehensive, integrated solutions to real estate owners, tenants
and investors. The firm's transaction, management, consulting and
investment services are supported by highly regarded proprietary
market research and extensive local expertise. Through its
investment subsidiaries, the company is a leading sponsor of real
estate investment programs that provide individuals and
institutions the opportunity to invest in a broad range of real
estate investment vehicles, including publicly registered
non-traded real estate investment trusts (REITs), tenant-in-common
(TIC) investments suitable for tax deferred 1031 exchanges,
separate accounts and other real estate investment funds. For more
information, visit http://www.grubb-ellis.com/. This announcement
contains certain forward-looking statements (under Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended) with respect to the
potential acquisition of Bella Ruscello Luxury Apartment Homes; the
benefits of the potential acquisition of Bella Ruscello Luxury
Apartment Homes; the attractiveness of the acquisition environment
for multi-family properties. Because such statements include risks,
uncertainties and contingencies, actual results may differ
materially from those expressed or implied by such forward-looking
statements. These risks, uncertainties and contingencies include,
but are not limited to, the following: the satisfactory completion
of due diligence and other requirements necessary to complete the
acquisition of the Bella Ruscello property; the benefits of the
potential acquisition of the Bella Ruscello property; the
successful occupancy of Bella Ruscello Luxury Apartment Homes; the
attractiveness of the acquisition environment for multi-family
properties and other risk factors as outlined in the company's
prospectus, as amended from time to time, and as detailed from time
to time in our periodic reports, as filed with the Securities and
Exchange Commission. Forward-looking statements in this document
speak only as of the date on which such statements were made, and
we undertake no obligation to update any such statements that may
become untrue because of subsequent events. We claim the safe
harbor protection for forward-looking statements contained in the
Private Securities Litigation Reform Act of 1995. THIS IS NEITHER
AN OFFER TO SELL NOR AN OFFER TO BUY ANY SECURITIES DESCRIBED
HEREIN. OFFERINGS ARE MADE ONLY BY MEANS OF A PROSPECTUS OR
OFFERING MEMORANDUM. DATASOURCE: Grubb & Ellis Apartment REIT,
Inc. CONTACT: Damon Elder of Grubb & Ellis Apartment REIT,
Inc., +1-714-975-2659, Web Site: http://www.grubb-ellis.com/
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