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Gustav G. ""Gus"" Remppies has been appointed as the new president of Santa Ana, California-based ""Grubb & Ellis Apartment REIT, Inc."":http://www.gbe-reits.com/Apartment/Default.aspx He assumes the position from Stanley J. ""Jay"" Olander, who has served as president since April 2007 and will continue to serve as CEO and chairman of the board.
[IMAGE]""Gus Remppies has been a recognized authority in the multifamily real estate sector for decades and I couldn't be more pleased to have him assume the presidency of Grubb & Ellis Apartment REIT,"" Olander said. ""His experience and proven track record are exceptionally valuable to our company and, more importantly, to our investors.""
Remppies has more than 23 years' experience in the multifamily housing sector and has served as EVP and chief investment officer of Grubb & Ellis Apartment REIT since its formation in 2005. Prior to joining Grubb & Ellis Apartment REIT, Remppies served in various executive capacities with Cornerstone Realty Income Trust.
From 1995 to 2003, he served as SVP of acquisitions of Cornerstone, and he was the company's EVP and chief investment officer from 2003 to 2005. During his tenure with Cornerstone, Remppies oversaw the acquisition and development of approximately 30,000 apartment units and the placement of more than $500 million in both secured and unsecured debt with a variety of lenders. He was also involved in the formation and senior management of four other non-traded REITs, all of which had successful liquidation events for investors.
Grubb & Ellis Apartment REIT is a publicly-registered, non-traded real estate investment trust that seeks to preserve, protect, and return investors' capital contributions, pay regular cash distributions, and realize growth in the value of its investments. The company is seeking to raise up to $1 billion in equity and to acquire a diversified portfolio of apartment communities with stable cash flows and growth potential in select U.S. metropolitan markets.
