GRUBB & ELLIS APARTMENT REIT TAKES 246-UNIT APARTMENT COMMUNITY

PORTSMOUTH, VA. — Grubb & Ellis Apartment REIT Inc. has acquired The Myrtles at Olde Towne, a 246-unit apartment community located in Portsmouth, for an undisclosed price. Built in 2004 and 2005, the property consists of six three-story apartment buildings that offer five floor plans ranging in size from 751-square-foot one-bedroom/one-bath units to 1,137-square-foot two-bedroom/two-bath units. Unit amenities include balconies or patios, 9-foot ceilings, track lighting, walk-in closets, washer/dyers and built-in surround sound speakers. The community features a luxury clubhouse with veranda, a modern movie theater, a state-of-the-art fitness center, a billiards room with wet bar and a resort-style swimming pool. The seller was The Myrtles at Olde Towne, LLC. Financing for the acquisition was primarily provided by Freddie Mac.