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New Division at Grubb & Ellis Garners $375 Mil in Exclusive Multifamily Listings, Thanks to Goldman Sachs

ATLANTA-The properties comprise $225 million worth of the New York investment banker's off-campus students housing units and a 464-unit luxury apartment community near the Mall of Georgia in Gwinnett County. GMH Associates of Pennsylvania is a co-owner of the student housing.

By Judith Schonbak | Updated on September 13, 2000

ATLANTA-Less than six months ago, Grubb & Ellis formed its Southeastern Apartment Services Division with a skeleton inventory. Now the group has won $375 million in exclusive listings.

The bulk of the new properties in 18 states comes courtesy of Goldman Sachs, the New York investment banker, which is selling off more than $225 million worth of off-campus student housing units. GMH Associates of Pennsylvania is a co-owner of the student housing.

The 14 apartment complexes totaling 9,720 bedrooms are mostly in Arkansas, Colorado, Mississippi, Pennsylvania, Tennessee and Texas. Preston Hills at Mill Cree,k owned by Landsouth, is also among the listings. The 464-unit luxury apartment community is off I-85 near the Mall of Georgia in the northeast quadrant of metro Atlanta.

Goldman Sachs is the second largest owner of Grubb & Ellis with 12% of the company stock.

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