CHARLOTTE, NC (November 9, 2021) – Grubb Properties, a leading vertically integrated real estate firm, has completed the successful disposition of its Sterling Apartments portfolio to focus all its resources on scaling its Link ApartmentsSM brand.
The disposition was a collection of eight workforce apartment communities in the Southeastern United States. The properties were owned by several of Grubb’s investment funds and were purchased between 2011 and 2014. Aggregate purchase price was $105.6M with approximately $40M in equity and aggregate sale price was $255.6M.
The communities are:
“Our Sterling Apartments portfolio served our investors well, and we were successful in repositioning and stabilizing these assets,” said Clay Grubb, CEO of Grubb Properties. “By divesting of them now, we are better positioned to hone our focus on essential housing, providing quality rental options for those in the middle of the income spectrum through our Link ApartmentsSM brand.”
Grubb Properties’ nationally registered Link ApartmentsSM brand provides essential housing geared to those earning between 60% and 140% of area median income (AMI). There are currently Link Apartments℠ communities in eight cities with 15 additional communities under construction or announced. The communities offer an amenity-rich living experience to residents who want to live near transit, employment, and entertainment venues. Link ApartmentsSM fill the gap between subsidized and luxury apartments, offering residents desirable apartments in accessible locations in growing and resilient urban markets nationwide.
“With larger unit sizes, older facilities and lower efficiency, Sterling Apartments were classic examples of traditional workforce housing,” Grubb continued. “Essential housing, as exemplified by Link ApartmentsSM, is more focused on a younger resident, seeking urban accessibility, green living, and affordability.”
Cushman & Wakefield represented Grubb in the eight transactions, which were completed over the past twelve months.
About Grubb Properties
Grubb Properties, founded in 1963, is a vertically integrated real estate fund manager focused on the Essential Housing space through its Link ApartmentsSM brand. The company targets residents earning between 60% and 140% of area median income (AMI), directly addressing a growing crisis for essential housing, while providing residents with exceptional living spaces. Grubb Properties maintains a long-term perspective and its careful and measured approach to real estate investment has delivered resilient and impressive returns. Grubb Properties has received numerous sustainability designations and recognitions, and undergoes annual ESG assessments through GRESB. For more information, visit www.grubbproperties.com.
Grubb Properties’ CEO Clay Grubb is the author of the book “Creating the Urban Dream: Tackling the Affordable Housing Crisis with Compassion.”Back to News Releases