SANTA ANA, CA-Grubb & Ellis Apartment REIT has signedagreement to acquire nine multifamily properties totaling 2,676units in three states from Oakton, VA-based MR Holdings LLC, aswell as all of the assets of Mission Residential Management LLC,for $182 million. The Grubb & Ellis REIT also is negotiatingwith the tenant-in-common owners of six additional multifamilyproperties totaling 1,510 apartment units in North Carolina andTexas to acquire those properties for $99.5 million.

The complexes that Grubb & Ellis Apartment REIT has agreedto buy are in North Carolina, Tennessee and Texas. One of theproperties is owned by a limited partnership for which an affiliateof MR Holdings serves as general partner. The other eight are ownedby Delaware statutory trusts for which affiliates of MR Holdingsserve as trustee.

Total consideration for the acquisition of the nine propertiestotals $176.9 million comprised of cash, debt and limitedpartnership interests in Grubb & Ellis Apartment REIT'soperating partnership. The other $5.5 million of the $182 millionis for the assets of Mission Residential, including work force inplace and the assignment and assumption of the property managementagreements for all of the Mission Residential properties. MissionResidential Management is the property manager of 41 multifamilycommunities, including the nine under contract for purchase,totaling approximately 12,000 apartment units in Georgia, Texas,North Carolina, Tennessee, Utah and Florida.