SANTA ANA, CA/PRNewswire/ -- Grubb & Ellis Apartment REIT, Inc. has acquired Canyon Ridge Apartments, (top right photo) a 350-unit multifamily community in the Nashville suburb of Hermitage, Tenn.Located at 3868 Central Pike, Canyon Ridge Apartments consists of approximately 341,000 rentable square feet situated on roughly 22.5 acres.
Built in 2005, the gated community comprises 13 three-story buildings offering one-, two- and three-bedroom apartments as well as a community clubhouse.
There are six floor plans available that vary in unit size from approximately 750 square feet to roughly 1,184 square feet. Property amenities include a fitness center, cyb
er cafe, lap pool with surround sound and two tanning salons.
er cafe, lap pool with surround sound and two tanning salons.Unit features may include island kitchens with granite counter tops, full-size washer and dryer connections, ceiling fans, walk-in closets and fireplaces.
Canyon Ridge Apartments offers easy access to Interstate 40, is in close proximity to Nashville Interna
tional Airport, and is surrounded by residential developments as well as retail outlets, including Kroger, Wal-Mart and Home Depot.
tional Airport, and is surrounded by residential developments as well as retail outlets, including Kroger, Wal-Mart and Home Depot. The property is currently 94 percent leased and provides parking for 660 passenger vehicles, split between attached and detached garages, carports and surface parking spaces
."The acquisition of Canyon Ridge Apartments further diversifies the Grubb & Ellis Apartment REIT portfolio and is consistent with our investment strategy to acquire assets in growing markets with strong economies," said Grubb & Ellis Apartment REIT Chief Executive Officer Stanley J. Olander Jr. (top left photo)
Grubb & Ellis Apartm
ent REIT purchased Canyon Ridge Apartments from an affiliate of Principal Real Estate Investors LLC, represented by Scott Tyrone (middle right photo) and Perry Gooch of Colliers Turley Martin Tucker.
ent REIT purchased Canyon Ridge Apartments from an affiliate of Principal Real Estate Investors LLC, represented by Scott Tyrone (middle right photo) and Perry Gooch of Colliers Turley Martin Tucker. Financing was primarily provided by Capmark Bank, and arranged by Don Marshall and Mike Bryant.
As of August 29, 2008, Grubb & Ellis Apartment REIT has sold approximately 13.5 million shares of its common stock, excluding the shares issued under its distribution reinvestment plan, for approximately $134.6 million through its initial public offering, which began in the third quarter of 2006.
Grubb & Ellis Apartment REIT offers a monthly distribution of seven percent per annum and, as of September 15, 2008, has made 13 geogra
phically diverse acquisitions with a total portfolio valued at approximately $341 million, based on purchase price.
CONTACTS:
phically diverse acquisitions with a total portfolio valued at approximately $341 million, based on purchase price.CONTACTS:
Julia McCartney, +1-714-975-2230, julia.mccartney@grubb-ellis.com
Damon Elder, +1-714-975-2659, damon.elder@grubb-ellis.com
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