SANTA ANA, Calif., Sept. 4 /PRNewswire/ -- Grubb & Ellis Realty
Investors, LLC today announced it has acquired The Retreat at Peachtree
City, a 312-unit multifamily community in the Atlanta suburb of Peachtree
City, on behalf of tenant-in-common investors.
Situated on nearly 26 acres, the approximately 306,000-square-foot
property consists of 15 residential buildings and a separate building that
houses the clubhouse and leasing center. Built in 1998, The Retreat at
Peachtree City features numerous community amenities, including a swimming
pool, lighted tennis court, fitness center, storage units, executive
business center and direct access to a 90-mile walking and golf cart trail.
The property offers spacious floor plans and an average unit size of
approximately 980 square feet. Select units feature full-size washers and
dryers, linen closets, wood burning fireplaces, and recessed art niches.
The property offers tenants ample parking and is currently approximately 94
percent occupied.
"The property's location in a thriving submarket, as well as the
asset's outstanding amenities makes The Retreat at Peachtree City an
attractive addition to our portfolio of assets under management," said Jeff
Hanson, President and Chief Investment Officer of Grubb & Ellis Realty
Investors.
In the last decade, the Atlanta metropolitan area's population
increased by approximately 40 percent to more than 5.1 million people. The
property is located in the South Fulton submarket, which led Atlanta in
apartment rent growth in 2007 with a 4.6 percent increase. According to
Reis Inc., this submarket includes 29,550 multifamily units and will add
minimal new inventory during the next five years, an average of
approximately 356 units per year through 2012. The rental growth is
projected by Reis to continue at an average rate of 2.9 percent for the
next five years.
Grubb & Ellis Realty Investors purchased The Retreat at Peachtree City
from a joint venture between AMLI Residential and Prudential, which was
represented by Engler Financial Group. Financing was provided by Teacher's
Insurance and Annuity Association, arranged by Capstone Realty Advisors.
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
$6.5 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 more
than $11 billion on behalf of program investors since its founding in 1998;
in excess of $8.4 billion 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, ext. 230,
julia.mccartney@grubb-ellis.com, or Damon Elder, ext. 659,
damon.elder@grubb-ellis.com, both of Grubb & Ellis Realty
Investors, LLC, +1-714-667-8252
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