(Read more on the multifamily market.)
[IMGCAP(1)]PORTSMOUTH, VA-Grubb & Ellis Apartment REIT hasacquired two buildings here--a change for the REIT whose assets arealmost exclusively based in Texas. The two apartment buildings arethe Myrtles at Olde Towne and the Heights at Olde Towne. Theselling price or sellers were not disclosed.
Myrtles is a 246-unit property, with an 89% occupancy rate,totaling more than 221,000 rentable sf on 10 acres. Built threeyears ago, the six three-story apartment buildings have five floorplans ranging in size from 751-sf one-bedroom/one-bath units to1,137-sf two-bedroom/two-bath units.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
