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 Apartments was 92 percent occupied at the time of purchase.
Grubb & Ellis Apartment REIT purchased Arboleda Apartments from Cedar Park Multifamily Ltd.
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