Grubb & Ellis buys apartments in Austin suburb

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Grubb & Ellis Apartment REIT Inc. announced the acquisition of Arboleda Apartments in the Austin-suburb of Cedar Park, Texas. The value of the transaction was not disclosed. Arboleda Apartments is a 312-unit multifamily property totaling approximately 250,000 gross leaseable square feet. Completed in 2007, the property consists of 13 two- and three-story buildings that offer six different floor plans ranging in size from 650-square-foot one bedroom/one bath units to 1,230-square-foot three bedroom/two bath units. Property amenities include a fitness center, business center, controlled access gates and detached garages. Unit features include full-size washer and dryer connections, kitchen pantries, walk-in closets and patios and balconies. Located at 900 Discovery Blvd., Arboleda Apartments is adjacent to the 183-A Toll Road and in close proximity to Country Route 180 and U.S. Route 183. The property provides 536 parking spaces, including 48 detached garages. Arboleda...