Done Deals: Grubb & Ellis Apartment REIT Acquires Creekside Crossing in Lithonia, GA

Friday, July 4, 2008

Grubb & Ellis Apartment REIT Acquires Creekside Crossing in Lithonia, GA

SANTA ANA, CA /PRNewswire-FirstCall/ -- Grubb & Ellis Apartment REIT, Inc. has acquired Creekside Crossing (top left photo) in the Atlanta suburb of Lithonia.

Creekside Crossing is a Class A, 280-unit multifamily property totaling approximately 281,000 of rentable square feet.

Completed in 2003, the property consists of 10 three- and four-story buildings that offer nine different floor plans ranging in size from approximately 704-square-foot one bedroom and one bath units to 1,384-square-foot three bedroom and two bath units.

The site also includes a two-story leasing center, a car care center and 37 storage units. Property amenities include a fitness center, business center, swimming pool and controlled access gates.

Unit features include full-size washer and dryer connections, kitchen pantries, walk-in closets and a patio or balcony.Located at 100 Cavalier Crossing, Creekside Crossing is

within close proximity to Interstate 20 and offers easy access to Interstate 285.

The property provides 488 parking spaces and is currently 92 percent occupied.

"Creekside Crossing is an excellent property that further diversifies the existing Grubb & Ellis Apartment REIT portfolio," said Grubb & Ellis Apartment REIT Chief Executive Officer Stanley J. Olander, Jr. (top right photo) "The property is located in a thriving market and has a high tenancy rate, in turn adding economic strength to the REIT's portfolio."

According to Fortune Magazine, Atlanta ranks third among cities in the nation with the most Fortune 500 headquarters, and is home to Coca-Cola, Home Depot, United Parcel Service and Delta Air Lines.

Additionally, the Greater Atlanta region boasts an unemployment rate of 4.9 percent as of April 2008, lower than the national rate of 5.5 percent, according to the United States Bur

eau of Labor Statistics.

Grubb & Ellis Apartment REIT purchased Creekside Crossing from Harbor Group International, represented by David Gutting and Todd Trepke of Cushman & Wakefield, Inc.

Freddie Mac financing was arranged by Don Marshall, Mike Bryant and John Reed with Capmark Finance.

As of June 20, 2008, Grubb & Ellis Apartment REIT has sold approximately 12 million shares of its common stock, excluding the shares issued under its distribution reinvestment plan, for approximately $120 million through its initial public offering, which began in the third quarter of 2006.

Grubb & Ellis Apartment REIT offers a monthly distribution of 7.00 percent per annum and, as of June 26, 2008, has made 11 geographically diverse acquisitions with a total portfolio valued at approximately $275 million, based on purchase price