4/9/2008

Grubb & Ellis acquires suburban Dallas apartments

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Enclave on Golden Triangle

Grubb & Ellis Realty Investors, LLC has purchased the Enclave on Golden Triangle apartment community in the Dallas-Fort Worth suburb of Keller, Texas from Integrated Real Estate Group.

Hendricks & Partners handled the negotiations on behalf of the seller. Financing for the acquisition was arranged by Capmark Finance.

Enclave on Golden Triangle contains 273 units and is located at 5100 Golden Triangle. The property is situated on 16.7 acres and has more than 285,000 rentable square feet. Built in 2007, the complex consists of one clubhouse and 29 two-story buildings. It was 97 percent leased at the time of sale.

Grubb & Ellis Realty Investors, which purchased the apartments on behalf on tenant-in-common investors, is the real estate investment and asset management subsidiary of Grubb & Ellis. The company, formerly known as Triple Net Properties, has made several acquisitions lately, including two Silver Spring, Md., office buildings and a Home Depot property in Austell, Ga.

Address: 5100 Golden Triangle Blvd., Keller, Texas

Size: 273 units

Built: 2007

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Filed Under: Multi-Family

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