The purchase price was $36 million plus closing costs, according to a Securities and Exchange Commission filing. The documents state that the REIT financed the purchase price with a secured loan of $24 million from Capmark Bank, $7.3 million borrowed from Wachovia Bank and a $5.4-million unsecured loan from NNN Realty Advisors Inc., a subsidiary of Grubb & Ellis Co.

The gated community, on 22.5 acres, was built in 2005 and is currently 94% leased. Amenities include a fitness center, cyber cafe, lap pool and two tanning salons, plus parking for up to 660 vehicles. The average rental rate at Canyon Ridge is approximately $935, according to a G&E spokesperson who would not comment further about future plans for the community.

"The acquisition of Canyon Ridge Apartments further diversifies the Grubb & Ellis Apartment REIT portfolio and is consistent with our investment strategy to acquire assets in growing markets with strong economies," said the REIT's CEO, Stanley J. Olander Jr., in a release. The REIT currently has a portfolio valued at approximately $341 million, based on purchase price.