Apartment REIT Makes Discounted Acquisition of 2007 Property
- Apr 07, 2010
Dallas– Grubb & Ellis Apartment REIT Inc. acquired Bella Ruscello Luxury Apartment Homes, a 216-unit multifamily community in the Dallas suburb of Duncanville, for $17.4 million. The acquisition closed on March 24, 2010.
Bella Ruscello, currently 97 percent occupied, was acquired for about $80,500 per unit from Duncanville Villages Multifamily Ltd., an unaffiliated third party. Grubb & Ellis Apartment REIT financed the acquisition with cash proceeds received through its follow-on public offering and financing provided by Fannie Mae, arranged by Berkadia Commercial Mortgage.
“Bella Ruscello Luxury Apartment Homes is a well-occupied and well-equipped luxury apartment community that adds immediate value to Grubb & Ellis Apartment REIT,” say Stanley J. Olander Jr., chairman and CEO of Grubb & Ellis Apartment REIT. “Bella Ruscello is concrete evidence of the favorable acquisition environment we currently enjoy; this exceptional property was acquired at a significant discount compared to what it likely would have traded for just a couple of years ago.”
Located at 250 E. Highway 67, Bella Ruscello Luxury Apartment Homes was built in 2007 on approximately 10.6 acres. The gated community offers one- and two-bedroom apartments as well as a community clubhouse featuring a media room, business center and a well-equipped gym. The property offers four floor plans ranging in size from 655 square feet to 1,074 square feet, all of which include nine foot ceilings, detached garages, track lighting, full-size washer/dryer connections, ceiling fans and other amenities.
The community includes a resort-style swimming pool, running and bike trail, landscaped grounds, direct access to a five-acre “water view” park, as well as wooded, creek and pool views. Residents enjoy easy access to Highway 67, Interstates 20 and 35, and nearby shopping and dining options.