Grubb & Ellis Realty Investors Acquires Enclave on Golden Triangle in Keller, Texas

Located at 5001 Golden Triangle Blvd., Enclave on Golden Triangle totals more than 285,000 rentable square feet on approximately 16.7 acres. Built in 2007, the Class A institutional asset consists of one clubhouse and 29 two-story apartment buildings, offering 12 different one-, two-, three- and four-bedroom floor plans ranging in size from 689 to 1,557 square feet. The property is 97 percent leased.

"Enclave on Golden Triangle is a high quality multifamily asset located in a flourishing market where we believe we can maintain a high occupancy rate and ensure reliable cash flow for our tenant-in-common investors," said Grubb & Ellis Realty Investors President and Chief Investment Officer Jeff Hanson. "Additionally, the quality of this asset and the nature of the market indicate that we should be able to grow rents and increase the underlying value of the asset during our projected hold period."

Each apartment unit includes luxury amenities such as granite countertops, designer carpet, ceramic tile and washer and dryer connections. Enclave on Golden Triangle offers 193 attached garages with 97 one- and 96 two-car garages, more than any competitor in its submarket, along with 31 uncovered parking spaces.

Community amenities include: a two-story state-of-the-art fitness center, sport court, walking trail and a sand volleyball court. Enclave on Golden Triangle also offers a children's play area, a picnic and barbecue area, a complimentary beverage center, media library, and a cyber cafe with an adjoining club room which includes a flat screen TV and pool table.

Residents of Enclave on Golden Triangle enjoy easy access to all of the Greater Dallas-Fort Worth region via nearby Highways 170, 287 and 377, as well as Interstate 35W. The region is home to several universities, including: University of Texas at Arlington, University of North Texas and Texas Christian University, as well as five major hospitals: Baylor Regional Medical Center, Cooks Children's Medical Center, Harris Methodist HEB Hospital, HealthSouth and North Hills Hospital.

Keller, selected in 2007 by Money magazine as one of the country's top 100 "Best Places to Live," has experienced significant growth in recent years, both in terms of population and real estate development. According to the United States Census Bureau, the city's population has grown by more than 35 percent since 2000 and regional growth is expected to continue at a steady pace of roughly two percent per year for the foreseeable future.

Grubb & Ellis Realty Investors purchased Enclave on Golden Triangle from Integrated Real Estate Group, which was represented by Hendricks & Partners. Financing was arranged by Don Marshall and Mike Bryant with Capmark Finance.

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 $5.7 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 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 throughoutthe 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.

SOURCE Grubb & Ellis Realty Investors