Real Estate Central

SANTA ANA, Calif., July 2 /PRNewswire-FirstCall/ — 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 http://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.

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[Via Real Estate Newswire]