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.
[Via Real Estate California]
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