SANTA ANA, Calif., July 10 /PRNewswire/ -- Grubb & Ellis Realty
Investors, LLC today announced it has acquired Plantations at Haywood, a
562-unit multifamily community in Greenville, S.C., on behalf of
tenant-in-common investors.
Situated on nearly 38 acres, the approximately 662,000-square-foot
property consists of 40 residential buildings, as well as a clubhouse and a
leasing center. Built in three phases in 1981, 1991 and 2001, Plantations
at Haywood features numerous community amenities, including three swimming
pools, three tennis courts, a fitness center and a sports court with
walking track. The property offers spacious floor plans and an average unit
size of approximately 1,200 square feet. Unit amenities include washer and
dryer connections, a porch, patio or sunroom, and a wood burning fireplace.
Plantations at Haywood offers tenants ample parking with 902 parking
spaces, resulting in a parking ratio of 1.6 spaces per unit. The property
is currently 96 percent occupied.
"The low vacancy rates among Greenville apartment communities, as well
as the property's exceptional location in a growing market make this asset
an attractive opportunity for our tenant-in-common investors," said Jeff
Hanson, President and Chief Investment Officer of Grubb & Ellis Realty
Investors.
Plantations at Haywood is located approximately two miles east of
Greenville's central business district. According to REIS, one of the
nation's leading providers of impartial commercial real estate performance
information and analysis at the metro, submarket and property level, the
vacancy rate among Greenville apartment communities declined to 7.7 percent
in the fourth quarter of 2007 from 12.2 percent in first quarter of 2005.
Grubb & Ellis Realty Investors purchased Plantations at Haywood from
Simpson Housing, which was represented by Dean Smith of Apartment Realty
Advisors. Financing was provided by Wachovia Bank.
About Grubb & Ellis Realty Investors
Grubb & Ellis Realty Investors, LLC is the real estate investment and
asset management subsidiary of Grubb & Ellis Company (NYSE: GBE), a leading
real estate services and investment firm. Grubb & Ellis Realty Investors
and affiliates manage a growing portfolio of assets valued in excess of
$6.1 billion located throughout 30 states. One of the nation's most active
buyers and sellers of commercial real estate, Grubb & Ellis Realty
Investors has completed acquisition and disposition volume totaling
approximately $10.4 billion on behalf of program investors since its
founding in 1998; more than 70 percent of this volume has been transacted
since Jan. 1, 2005.
Grubb & Ellis Realty Investors and affiliates are currently buying and
selling properties throughout the United States, offering a full range of
commercial real estate investment programs, including tenant-in-common
(TIC) programs for investors structuring tax-deferred (like-kind) exchanges
under Section 1031 of the Internal Revenue Code, non-traded public real
estate investment trusts (REITs), multi-member limited liability companies
(LLCs) and institutional investments. Through the Grubb & Ellis Wealth
Management program, Grubb & Ellis Realty Investors also offers high net
worth investors a comprehensive program to build or expand their commercial
real estate portfolio, whether their investment objectives are 1031
exchange driven or not.
SOURCE Grubb & Ellis Realty Investors, LLC
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Related links:
http://www.grubb-ellis.com
http://www.prnewswire.com/comp/136726.html/
CONTACT:
Julia McCartney of Grubb & Ellis Realty
Investors, LLC, +1-714-667-8252, ext. 230,
julia.mccartney@grubb-ellis.com
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