Grubb & Ellis REIT closes another Virginia purchase

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A real estate investment trust recently paid an undisclosed price for a 246-unit multifamily property in Portsmouth, Va., following a 148-unit multifamily purchase announced earlier this week. Grubb & Ellis Apartment REIT Inc. acquired The Myrtles at Olde Towne, which totals more than 221,000 rentable square feet on approximately 10 acres. Built between 2004 and 2005, the property consists of six three-story apartment buildings that offer five floor plans ranging in size from 751-square-foot, one-bedroom/one-bath units to 1,137-square-foot, two-bedroom/two-bath units. Community amenities include a clubhouse with veranda, movie theater, fitness center, billiards room with wet bar, and a swimming pool with fountain. The property provides 413 parking spaces, including 72 garages, for a parking ratio of 1.6 spaces per unit. The Myrtles at Olde Towne LLC sold the property at 89 percent occupancy. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com...