(Read more on the multifamily market.)

[IMGCAP(1)]PORTSMOUTH, VA-Grubb & Ellis Apartment REIT has acquired two buildings here–a change for the REIT whose assets are almost exclusively based in Texas. The two apartment buildings are the Myrtles at Olde Towne and the Heights at Olde Towne. The selling 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 three years ago, the six three-story apartment buildings have five floor plans ranging in size from 751-sf one-bedroom/one-bath units to 1,137-sf two-bedroom/two-bath units.

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