SANTA ANA, Calif., July 2 /PRNewswire-FirstCall/ -- Grubb & Ellis
Apartment REIT, Inc. today announced the acquisition of Creekside Crossing
in the Atlanta suburb of Lithonia.
Creekside Crossing is a Class A, 280-unit multifamily property totaling
approximately 281,000 of rentable square feet. Completed in 2003, the
property consists of 10 three- and four-story buildings that offer nine
different floor plans ranging in size from approximately 704-square-foot
one bedroom and one bath units to 1,384-square-foot three bedroom and two
bath units. The site also includes a two-story leasing center, a car care
center and 37 storage units. Property amenities include a fitness center,
business center, swimming pool and controlled access gates. Unit features
include full-size washer and dryer connections, kitchen pantries, walk-in
closets and a patio or balcony.
Located at 100 Cavalier Crossing, Creekside Crossing is within close
proximity to Interstate 20 and offers easy access to Interstate 285. The
property provides 488 parking spaces and is currently 92 percent occupied.
"Creekside Crossing is an excellent property that further diversifies
the existing Grubb & Ellis Apartment REIT portfolio," said Grubb & Ellis
Apartment REIT Chief Executive Officer Stanley J. Olander, Jr. "The
property is located in a thriving market and has a high tenancy rate, in
turn adding economic strength to the REIT's portfolio."
According to Fortune Magazine, Atlanta ranks third among cities in the
nation with the most Fortune 500 headquarters, and is home to Coca-Cola,
Home Depot, United Parcel Service and Delta Air Lines. Additionally, the
Greater Atlanta region boasts an unemployment rate of 4.9 percent as of
April 2008, lower than the national rate of 5.5 percent, according to the
United States Bureau of Labor Statistics.
Grubb & Ellis Apartment REIT purchased Creekside Crossing from Harbor
Group International, represented by David Gutting and Todd Trepke of
Cushman & Wakefield, Inc. Freddie Mac financing was arranged by Don
Marshall, Mike Bryant and John Reed with Capmark Finance.
As of June 20, 2008, Grubb & Ellis Apartment REIT has sold
approximately 12 million shares of its common stock, excluding the shares
issued under its distribution reinvestment plan, for approximately $120
million through its initial public offering, which began in the third
quarter of 2006.
Grubb & Ellis Apartment REIT offers a monthly distribution of 7.00
percent per annum and, as of June 26, 2008, has made 11 geographically
diverse acquisitions with a total portfolio valued at approximately $275
million, based on purchase price.
About Grubb & Ellis
Grubb & Ellis Company (NYSE: GBE), one of the largest and most
respected commercial real estate services companies, is the sponsor of
Grubb & Ellis Apartment REIT, Inc. With more than 130 owned and affiliate
offices worldwide, Grubb & Ellis offers property owners, corporate
occupants and investors comprehensive integrated real estate solutions,
including transaction, management, consulting and investment advisory
services supported by proprietary market research and extensive local
market expertise.
Grubb & Ellis and its subsidiaries are leading sponsors of real estate
investment programs that provide individuals and institutions the
opportunity to invest in a broad range of real estate investment vehicles,
including tax- deferred 1031 tenant-in-common (TIC) exchanges; public
non-traded real estate investment trusts (REITs) and real estate investment
funds. As of March 31, 2008, more than $3.4 billion in investor equity has
been raised for these investment programs. The company and its subsidiaries
currently manage a growing portfolio of more than 218 million square feet
of real estate. In 2007, Grubb & Ellis was selected from among 15,000
vendors as Microsoft Corporation's Vendor of the Year. For more information
regarding Grubb & Ellis Company, please visit http://www.grubb-ellis.com.
FORWARD-LOOKING LANGUAGE
This press release contains certain forward-looking statements with
respect to the importance that the property adds to the Grubb & Ellis
Apartment REIT portfolio, and the enhancement of stockholder value.
Forward- looking statements are statements that are not descriptions of
historical facts and include statements regarding management's intentions,
beliefs, expectations, plans or predictions of the future, within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. Because
such statements include risks, uncertainties and contingencies, actual
results may differ materially from those expressed or implied by such
forward-looking statements. These risks, uncertainties and contingencies
include, but are not limited to, the following: uncertainties relating to
changes in general economic and real estate conditions; uncertainties
relating to the economy of the Greater Atlanta area; the strengths and
financial condition of Creekside Crossing; the uncertainties relating to
the implementation of our real estate investment strategy; and other risk
factors as outlined in the company's prospectus, as amended from time to
time, and as detailed from time to time in our periodic reports, as filed
with the Securities and Exchange Commission.
SOURCE Grubb & Ellis Apartment REIT, Inc.
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Related links:
http://www.grubb-ellis.com
http://www.prnewswire.com/comp/136726.html /
CONTACT:
Julia McCartney of Grubb & Ellis Apartment
REIT, Inc., +1-714-667-8252, ext. 230,
julia.mccartney@grubb-ellis.com
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