Regions Southeast | Atlanta
Grubb & Ellis Realty Investors Takes Georgia M-F
July 1, 2008
By: Josh Seidman, Contributing Correspondent

Grubb & Ellis Realty Investors L.L.C. has acquired 3100 River Exchange, a multi-family community situated on almost 23 acres in Sandy Springs, Ga.

Grubb & Ellis purchased the complex from AMLI Residential on behalf of  tenant-in-common investors. Financial details were not disclosed.

The 222-unit, 227,000-square-foot property (pictured) was built in 1997. It consists of nine three-story buildings, a two-story residential office and a clubhouse. 3100 River Exchange is 96 percent leased and offers an average unit size of 1,021 square feet.

3100 River Exchange is located in the Sandy Springs-Dunwoody submarket. According to REIS Inc., the submarket is one of the strongest in the Atlanta area with a 6.8 percent vacancy rate, compared to an average of 8.0 percent for the entire metro area.

During the early part of this week, Grubb & Ellis saw some additional action in the Atlanta suburbs as Grubb & Ellis Healthcare REIT Inc. obtained SouthCrest Medical Plaza, located in Stockbridge, Ga.

Grubb & Ellis Realty Investors and its associates manage a $6.1 billion portfolio of assets located in 30 different states. Since its birth in 1998, the group has completed approximately $10.4 billion worth of acquisitions and dispositions, with over 70 percent of this total amount having occurred over the last three and a half years.

 
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