Virginia apartments sell to REIT

Asset comprises more than 12 dozen units

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Grubb & Ellis Apartment REIT Inc. this week announced it acquired a 148-unit multifamily project in Portsmouth, Va., for an undisclosed price. The property, The Heights at Olde Towne, comprises more than 118,000 rentable square feet on more than 3.75 acres. Built in 1972 and renovated between 2003 and 2006, the property consists of two eight-story apartment buildings that offer five floor plans ranging in size from 604-square-foot, one-bedroom/one-bath units to 1,122-square-foot, three-bedroom/three-bath units. Amenities include laundry facilities, new swimming pool with fountains, business center with wireless Internet access, a club room featuring a flat-screen television, and a new fitness center. The property also provides 237 parking spaces for a parking ratio of 1.6 spaces per unit. Grubb & Ellis Apartment REIT purchased the complex from Fort Nelson Apartments LLC. *** What's your opinion? Send your Letter to the Editor to ...