DALLAS, TX – January 27, 2010 – (RealEstateRama) — 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.