An investment offshoot of Santa Ana-based Grubb & Ellis Co. said on Monday it is under contract to buy nine apartment complexes in North Carolina, Tennessee and Texas and a related property management business for $182 million.
Grubb & Ellis Apartment REIT Inc. has signed a deal to buy close to 2,700 apartments from Oakton, Va.-based MR Holdings LLC.
It’s also buying the company’s property management business, which operates under the Mission Residential Management LLC name.
The apartment complexes are changing hands for $176.9 million, or about $66,000 per apartment. The property management business is selling for $5.5 million.
It’s the largest acquisition to date for Grubb’s apartment investment unit, which has collected more than $170 million from investors since 2006.
The apartment investor also said it is in discussions to buy another six complexes in North Carolina and Texas, totaling about 1,500 apartments, for another $99.5 million.
If those deals are completed, Grubb’s apartment REIT will own a total of about 8,000 apartments, which are valued at $661.4 million.
