4/7/2008

Grubb & Ellis Apartment REIT acquires Austin apartments for $29.25M

by
Grubb & Ellis Realty Investors, on behalf of its Apartment REIT, has purchased the Arboleda Apartments in the Austin suburb of Cedar Park, Texas for $29.25 million from Cedar Park Multifamily, Ltd.

The Arboleda Apartments contain 312 units and are located adjacent to the 183-A Toll Road at 900 Discovery Blvd. The property was 92 percent occupied at the time of sale. Financing for the acquisition was provided by Capmark Finance and Wachovia Bank.

Earlier this year, Grubb & Ellis purchased two multi-family properties in the Norkfolk suburb of Portsmouth, Va., for an aggregate price of $53 million.

Address: 900 Discovery Blvd., Cedar Park, Texas

Size: 312 units

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Filed Under: Multi-Family

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