Grubb & Ellis Apartment Reit has appointed Gustav G. "Gus" Remppies president of the company.

Stanley J. "Jay" Olander, who had served as president since April 2007, will continue to serve as chief executive officer and chairman of the board.

"Gus Remppies has been a recognised 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," says Olander. "His experience and proven track record are exceptionally valuable to our company and, more importantly, to our investors."

Remppies has specialised in the multifamily housing sector for more than 23 years. Prior to being named president, Remppies had served as executive vice president and chief investment officer of Grubb & Ellis Apartment Reit since its formation in 2005. 

From 1995 to 2005, he served in various executive capacities with Cornerstone Realty Income Trust, where he oversaw the acquisition and development of approximately 30,000 apartment units and the placement of more than USD500m in both secured and unsecured debt with a variety of lenders. 

Remppies has been involved in the formation and senior management of four other non-traded Reits, all of which have had successful liquidation events for investors.