Grubb & Ellis Apartment REIT Inc. has acquired Mission Rock Ridge Apartments, a 226-unit multifamily community in Arlington, Texas.
The acquisition, which closed Sept. 30, was financed with cash proceeds that Grubb & Ellis received through its public offering and financing provided by Berkadia Commercial Mortgage LLC through the Freddie Mac Capital Markets Execution Multifamily Standard Rate Lock Loan program.
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.Â
‘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,’ says Stanley J. Olander Jr., chairman and CEO of Grubb & Ellis Apartment REIT.
Mission Rock Ridge is currently 97% 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.
SOURCE: Grubb & Ellis Apartment REIT