Grubb & Ellis Realty Investors Acquires 3100 River Exchange in Sandy Springs, Ga.

June 30, 2008 3:00 PM EDT

SANTA ANA, Calif., June 30 /PRNewswire/ -- Grubb & Ellis Realty Investors, LLC has acquired 3100 River Exchange, a 222-unit multifamily community, in the Atlanta suburb of Sandy Springs, Ga., on behalf of tenant-in-common investors.

Built in 1997 on nearly 23 acres, the approximately 227,000-square-foot property consists of nine three-story buildings and a two-story residential office and clubhouse. 3100 River Exchange offers a spacious average unit size of 1,021 square feet with walk-in closets, private balconies or sunrooms, full-size washers and dryers and fully-equipped kitchens with breakfast bars. There are various community amenities on-site, including controlled access gates, a car care center, a swimming pool and a fitness center. 3100 River Exchange is 96 percent leased and offers 358 parking spaces and 40 single car garages.

"3100 River Exchange is an outstanding multifamily asset in an incredibly strong apartment market where we believe we can maintain a high occupancy rate," said Grubb & Ellis Realty Investors President and Chief Investment Officer Jeff Hanson. "This asset should provide a stable cash flow to our tenant-in-common investors."

The Sandy Springs -- Dunwoody submarket is one of the strongest apartment markets in the Atlanta -- Sandy Springs -- Marietta metropolitan statistical area. According to REIS, with an inventory of approximately 23,227 units at year end 2007, the area has one of the lowest vacancy rates in Atlanta -- 6.8 percent compared to 8.0 percent for the MSA. According to the U.S. Census Bureau, the Atlanta -- Sandy Springs -- Marietta MSA is estimated to be the ninth largest metropolitan area in the country as of July 1, 2007, with a population of approximately 5.3 million.

Sandy Springs is situated in one of Atlanta's most affluent submarkets, near the central perimeter. Within a one-mile radius of the property, the average household income is $121,538, the estimated per capita income is $48,540, and 88 percent of jobs are white collar.

Grubb & Ellis Realty Investors purchased 3100 River Exchange from AMLI Residential. Financing was arranged by David Pike and Anne McNeil from Wachovia Bank, N.A.

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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