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MULTIFAMILY HOUSING NEWS
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Grubb & Ellis Apartment REIT inks $182 million deal

The Santa Ana-based firm plans to acquire nine multifamily communities and a property management business.

By Kristen SchottPublished: August 30, 2010 02:36 PM

Santa Ana-based Grubb & Ellis Apartment REIT plans to buy nine multifamily properties from MR Holdings and the assets of Mission Residential Management for $182 million.

The communities include 2,676 apartment units in North Carolina, Tennessee and Texas, which will sell for a total of $176.9 million.

Property manager Mission Residential runs 41 multifamily communities – including the nine under contract – with a total of 12,000 apartment units in Georgia, Texas, North Carolina, Tennessee, Utah and Florida. Under the deal, the real estate investment trust will acquire the assets of the firm, including current work force and property management agreements, among other items, for $5.5 million.

“The proposed acquisitions announced today will be a tremendous step in the growth and evolution of Grubb & Ellis Apartment REIT that will strengthen the company and add significant value for our stockholders,” said Stanley Olander Jr., chairman and CEO.

The company's equity is expected to increase by 18 percent as a result of the deals, he said.

Additionally, Grubb & Ellis Apartment REIT is discussing the acquisition of six other multifamily communities with 1,510 apartment units in North Carolina and Texas for $99.5 million.

If the company acquires all 15 communities, the firm will own 29 multifamily properties with 7,933 units valued at $661.4 million. The firm is a division of Santa Ana-based Grubb & Ellis Co.

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