WASHINGTON, D.C. (July 19, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that its Multi Housing group represented a joint venture of MRP Realty and Angelo, Gordon & Co. in the purchase of Hampton Apartments (top photo), a 135-unit high rise apartment complex in the Crystal City area of Arlington, Va., from Commercial Management Company for $33.5 million, or $248,148 per unit, in an off-market transaction.
Christopher Doerr, (top right photo) vice president, represented the buyer in the purchase of the building, located at 1425 S. Eads St.“Washington, D.C., has one of the strongest multifamily markets in the nation,” said Doerr. “The strength of the market, combined with the value-add nature of the asset, creates a tremendous opportunity for the buyers to renovate the building into a Class A asset in one of the top D.C. submarkets.
"Also, the fact that it was an off-market transaction was very beneficial for MRP and Angelo, Gordon & Co.”
Built in 1984, Hampton Apartments is a 17-story multifamily property featuring terraces, reserved underground parking, fitness facilities, rooftop sun deck and party room, and in-building amenities, including a convenience store, dry cleaner and bank.
Christopher L. Becker Joins Grubb & Ellis as Executive Vice President, Director, Investment Services
ATLANTA, GA (July 19, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Christopher L. Becker has joined the company as executive vice president, director, Investment Services, and local leader of the company’s Financial Services Asset Management practice.
In his new role, Becker will be responsible for marketing and account management of the company’s Financial Services Asset Management group, which offers strategic counsel and a full range of services to financial institutions and special servicers looking to create value through their real estate owned portfolios.Additionally, he will have oversight of Atlanta’s team of investment brokerage professionals.
“Chris brings tremendous experience on the ownership side of the real estate business, and his knowledge of the capital markets arena greatly enhances our services both for investors and financial institutions,” said Brett Hunsaker (lower left photo), executive vice president and managing director of Grubb & Ellis’ Atlanta office.
Contact: Erin Mays, Phone: 312.698.6735, Email: erin.mays@grubb-ellis.com
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