SANTA ANA, Calif., Sept. 19 /PRNewswire/ -- Grubb & Ellis Apartment
REIT, Inc. today announced the acquisition of Canyon Ridge Apartments, a
350-unit multifamily community in the Nashville suburb of Hermitage, Tenn.
Located at 3868 Central Pike, Canyon Ridge Apartments consists of
approximately 341,000 rentable square feet situated on roughly 22.5 acres.
Built in 2005, the gated community comprises 13 three-story buildings
offering one-, two- and three-bedroom apartments as well as a community
clubhouse. There are six floor plans available that vary in unit size from
approximately 750 square feet to roughly 1,184 square feet. Property
amenities include a fitness center, cyber cafe, lap pool with surround
sound and two tanning salons. Unit features may include island kitchens
with granite counter tops, full-size washer and dryer connections, ceiling
fans, walk-in closets and fireplaces.
Canyon Ridge Apartments offers easy access to Interstate 40, is in
close proximity to Nashville International Airport, and is surrounded by
residential developments as well as retail outlets, including Kroger,
Wal-Mart and Home Depot. The property is currently 94 percent leased and
provides parking for 660 passenger vehicles, split between attached and
detached garages, carports and surface parking spaces.
"The acquisition of Canyon Ridge Apartments further diversifies the
Grubb & Ellis Apartment REIT portfolio and is consistent with our
investment strategy to acquire assets in growing markets with strong
economies," said Grubb & Ellis Apartment REIT Chief Executive Officer
Stanley J. Olander Jr.
Grubb & Ellis Apartment REIT purchased Canyon Ridge Apartments from an
affiliate of Principal Real Estate Investors LLC, represented by Scott
Tyrone and Perry Gooch of Colliers Turley Martin Tucker. Financing was
primarily provided by Capmark Bank, and arranged by Don Marshall and Mike
Bryant
As of August 29, 2008, Grubb & Ellis Apartment REIT has sold
approximately 13.5 million shares of its common stock, excluding the shares
issued under its distribution reinvestment plan, for approximately $134.6
million through its initial public offering, which began in the third
quarter of 2006.
Grubb & Ellis Apartment REIT offers a monthly distribution of seven
percent per annum and, as of September 15, 2008, has made 13 geographically
diverse acquisitions with a total portfolio valued at approximately $341
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 June 30, 2008, more than $3.6 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 and diversity that the property adds to the Grubb
& Ellis Apartment REIT portfolio. 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 strength
of the economy of the greater Nashville area; 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, +1-714-975-2230,
julia.mccartney@grubb-ellis.com, or Damon Elder, +1-714-975-2659,
damon.elder@grubb-ellis.com, both of Grubb & Ellis
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