DALLAS, Oct. 6 /PRNewswire/ -- 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.
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 has acquired a
geographically diverse portfolio of 15 apartment properties valued
at approximately $378 million, based
on purchase price.
Grubb & Ellis Apartment REIT is sponsored by Grubb &
Ellis Company (NYSE: GBE). Grubb & Ellis is one of the
largest commercial real estate services and investment companies in
the world. Our 6,000 professionals in more than 100 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), separate
accounts, mutual funds and other real estate investment funds. For
more information, visit www.grubb-ellis.com.
This press release 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 acquisition of Mission Rock Ridge
Apartments; the added value of the acquisition of Mission Rock
Ridge Apartments; and the attractiveness of the acquisition
environment for multifamily 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
financial performance of Mission Rock Ridge Apartments; the
successful occupancy of Mission Rock Ridge Apartments; the success
of multifamily properties in the Greater
Dallas area; local economic conditions; 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.
SOURCE Grubb & Ellis Apartment REIT, Inc.
Copyright t. 6 PR Newswire