Santa Ana, CA – January 4, 2008 – Chief Investment Officer Jeff Hanson announced today that Triple Net Properties LLC has sold Meadows Apartments on behalf of tenant-in-common investors. The disposition closed on December 27, 2007.
Meadows Apartments is a 392-unit apartment community in Asheville, North Carolina. Built in three phases between 1974 and 2001, the property includes 25 two and three-story apartment buildings and a standalone clubhouse that houses the community’s fitness center, leasing office, and laundry facility. Situated on 35 landscaped acres, Meadows Apartments provides an average unit size of 994 square feet and offers numerous features, including walk-in closets, washer/dryer connections, gourmet kitchens, fireplaces, private patios or balconies, enclosed sun rooms, tennis courts, outdoor grills, a playground and two swimming pools. The property enjoys convenient access to Interstates 40, 26 and 240 and is approximately two miles west of Asheville’s central business district. Meadows Apartments is currently 91 percent occupied.
Meadows Apartments, originally purchased in March 2006, was sold to Steven D. Bell & Company. Pender Murphy of Apartment Realty Advisors was the broker in the transaction.
Triple Net Properties LLC is a wholly owned indirect subsidiary of Grubb & Ellis Company, a leading real estate services and investment management firm. Triple Net Properties and affiliates manage a growing portfolio of nearly 39 million square feet of real estate, including more than 10,000 apartment units, with a combined market value in excess of $5.4 billion. Triple Net Properties and affiliates are currently buying and selling properties throughout the United States, offering a full range of commercial real estate investments, including tenant-in-common (TIC) programs for investors structuring tax-deferred (like-kind) exchanges under Section 1031 of the Internal Revenue Code, real estate investment trusts (REITs) and institutional investments.
