Thursday, September 4, 2008

Grubb & Ellis Realty Investors Acquires The Retreat at Peachtree City in Peachtree City, Ga.

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.

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