EX-99.2
17
exhibit16.htm
EX-99.2
EX-99.2
Contact:
Julia McCartney, 714.667.8252, ext. 230
julia.mccartney@grubb-ellis.com
Grubb & Ellis Apartment REIT Acquires
AMLI at Kedron Village in Peachtree City, Ga.
SANTA ANA, Calif. (July 2, 2008) - Grubb & Ellis Apartment REIT, Inc. today announced the
acquisition of AMLI at Kedron Village, a 216-unit Class A multifamily community in the Atlanta
suburb of Peachtree City, Ga.
Located at 100 Hyacinth Lane, AMLI at Kedron Village consists of approximately 252,000 of
rentable square feet situated on approximately 21.6 acres of land. Completed in 2001, the property
comprises six townhouse buildings offering two- and three-bedroom apartments, seven three-story
garden apartment buildings offering between one- and three-bedroom apartments, one single story
leasing center and four detached garages. There are 14 floor plans that vary in unit size from
approximately 698 square feet to roughly 1,826 square feet. Property amenities include a fitness
center, business center, swimming pool and a car care center. Unit features may include full-size
washer and dryer connections, kitchen pantries, walk-in closets, a fireplace and a patio or
sunroom.
AMLI at Kedron Village offers easy access to State Route 74, is within one-half mile of Kedron
Elementary School, and is surrounded by residential developments. The property is 93 percent
occupied and provides a total of 425 parking spaces, including 100 direct-access garages, 20
detached garages and 305 surface parking spaces.
"AMLI at Kedron Village is a high quality asset with a history of a high tenancy rate", said
Grubb & Ellis Apartment REIT Chief Executive Officer Stanley J. Olander, Jr. "This property allows
us to stay in line with the Grubb & Ellis Apartment REIT investment strategy by further
diversifying the portfolio with a property that we expect will provide our investors with a strong
and stable cash flow".
Peachtree City has multiple recreational attractions, including a lake, an amphitheatre, three
golf courses, a tennis center and a dog park.
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 Bureau of
Labor Statistics.
Grubb & Ellis Apartment REIT purchased AMLI at Kedron Village from AMLI Residential and
Prudential Real Estate Investors, represented by Greg Engler, Patrick Jones and Kris Mikkelsen of
Engler Financial Group, LLC. 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 seven percent per annum and, as
of June 27, 2008, has made 12 geographically diverse acquisitions with a total portfolio valued at
approximately $304 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 March 31,
2008, more than $3.4 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 www.grubb-ellis.com.
FORWARD-LOOKING LANGUAGE
This press release contains certain forward-looking statements with respect to the importance that
the property adds to the Grubb & Ellis Apartment REIT portfolio, and the enhancement of stockholder
value. 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 economy of the Greater Atlanta
area; the strengths and financial condition of AMLI at Kedron Village; 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.

EX - 99 . 2 17 exhibit16 . htm EX - 99 . 2 EX - 99 . 2 Contact : Julia McCartney , 714 . 667 . 8252 , ext . 230 julia.mccartney@grubb-ellis.com Grubb & Ellis Apartment REIT Acquires AMLI at Kedron Village in Peachtree City , Ga . SANTA ANA , Calif . ( July 2 , 2008 ) - Grubb & Ellis Apartment REIT , Inc . today announced the acquisition of AMLI at Kedron Village , a 216 - unit Class A multifamily community in the Atlanta suburb of Peachtree City , Ga . Located at 100 Hyacinth Lane , AMLI at Kedron Village consists of approximately 252,000 of rentable square feet situated on approximately 21.6 acres of land . Completed in 2001 , the property comprises six townhouse buildings offering two - and three - bedroom apartments , seven three - story garden apartment buildings offering between one - and three - bedroom apartments , one single story leasing center and four detached garages . There are 14 floor plans that vary in unit size from approximately 698 square feet to roughly 1,826 square feet . Property amenities include a fitness center , business center , swimming pool and a car care center . Unit features may include full - size washer and dryer connections , kitchen pantries , walk - in closets , a fireplace and a patio or sunroom . AMLI at Kedron Village offers easy access to State Route 74 , is within one - half mile of Kedron Elementary School , and is surrounded by residential developments . The property is 93 percent occupied and provides a total of 425 parking spaces , including 100 direct - access garages , 20 detached garages and 305 surface parking spaces . " AMLI at Kedron Village is a high quality asset with a history of a high tenancy rate " , said Grubb & Ellis Apartment REIT Chief Executive Officer Stanley J . Olander , Jr . " This property allows us to stay in line with the Grubb & Ellis Apartment REIT investment strategy by further diversifying the portfolio with a property that we expect will provide our investors with a strong and stable cash flow " . Peachtree City has multiple recreational attractions , including a lake , an amphitheatre , three golf courses , a tennis center and a dog park . 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 Bureau of Labor Statistics . Grubb & Ellis Apartment REIT purchased AMLI at Kedron Village from AMLI Residential and Prudential Real Estate Investors , represented by Greg Engler , Patrick Jones and Kris Mikkelsen of Engler Financial Group , LLC . 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 seven percent per annum and , as of June 27 , 2008 , has made 12 geographically diverse acquisitions with a total portfolio valued at approximately $ 304 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 March 31 , 2008 , more than $ 3.4 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 www.grubb-ellis.com . FORWARD - LOOKING LANGUAGE This press release contains certain forward - looking statements with respect to the importance that the property adds to the Grubb & Ellis Apartment REIT portfolio , and the enhancement of stockholder value . 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 economy of the Greater Atlanta area ; the strengths and financial condition of AMLI at Kedron Village ; 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 .