SANTA ANA, Calif. ( TheStreet) -- Shares of Grubb & Ellis ( GBE) jumped Monday after the real estate investment trust said it expanded its property portfolio.

Grubb & Ellis Apartment REIT said it agreed to pay $182.4 million to acquire nine apartment buildings from MR Holdings and all of the assets of Mission Residential Management.

Grubb & Ellis shares rose 5.1%.

The nine multifamily properties acquired from MR Holdings include nearly 2,700 apartment units in North Carolina, Tennessee and Texas. Mission Residential's assets included 41 apartments in Georgia, Texas, North Carolina, Tennessee, Utah and Florida, including the nine being purchased.

CEO Stanley Olander Jr. said the acquisitions will add value to Grubb & Ellis' shareholders, providing greater economies of scale and an equity increase of 18%, adding that "the transactions will be immediately accretive to our bottom line earnings, increasing funds from operations and coverage of our investor dividend."

Fee income will be derived from the Mission Residential asset purchase, and will allow Grubb & Ellis to manage its own properties.

Grubb & Ellis said it is also looking to pick up six multifamily communities totaling 1,510 apartment units in North Carolina and Texas. That deal would cost $99.5 million, the REIT said.

The REIT's apartment portfolio already consisted of 14 apartment properties, including 3,747 units, valued at $358 million based on purchase price. Once the latest deals are complete it will have a total of 29 multifamily properties with 7,933 units, valued at $661.4 million.

Elsewhere in the apartment REIT space, Mid-America Apartment Communities ( MAA - Get Report) said earlier this month it acquired an upscale apartment community in Raleigh, N.C.

Mid-America Apartment paid $33.6 million for Hue, a recently-built, high-end, mid-rise multifamily and retail development in Raleigh's downtown area. The acquisition added 208 units to Mid-America's portfolio of ownership or ownership interest in more than 45,000 apartments throughout the Sunbelt region of the U.S.

>> Mid-America Rises on Acquisition

The Hue purchase marked Mid-America's second acquisition this month after picking up Verandas at Sam Ridley, an upscale 336-unit gated apartment community near Nashville, Tenn. for $32 million.

Last week Digital Realty Trust ( DLR - Get Report), a niche real estate investment trust, said last week it too was expanding its portfolio. Digital Realty Trust paid $50.3 million to acquire two fully leased datacenter properties in San Jose, Calif. and Richardson, Texas.

>> Digital Realty Trust Expands Portfolio

Digital Realty's primary property holdings are datacenters, digital storage facilities which are used by companies to maintain their internet presence or beef up their data networks. Datacenters are expensive to build and maintain, and as such supply is relatively inelastic.

-- Written by Miriam Marcus Reimer in New York.

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