Roberts Realty Investors Inc. of Atlanta has agreed to sell Addison Place, a 403-unit apartment community in Johns Creek, Ga., for $60 million or $148,883 per unit. The complex, constructed in 2001, consists of 118 townhouses and 285 apartments. The buyer was not disclosed. After closing, expected at the end of June, the company intends to distribute approximately $17 to $19 million of the transaction\u2019s $29 million in net proceeds. Stockholders will receive approximately $2.50 per share. \u201cWe\u2019re holding $10 or $12 million as operating capital,\u201d Charles S. Roberts, CEO of Roberts Realty told CPN today. \u201cWe\u2019re going to use that to start two new multifamily properties.\u201d Roberts Realty is a real estate investment trust (REIT) that develops, constructs, owns, manages and sells multifamily apartment communities. \u201cWe sell something every couple of years,\u201d Roberts said. According to the company\u2019s annual report for the year ended December 31, 2007, the company sold six apartment communities in 2004 and used some of the proceeds to acquire three tracts of land, while distributing 4.50 per share. The company sold another multifamily property in 2005 and invested in three retail shopping centers. \u201cThat\u2019s just a parking place for cash, though,\u201d Roberts said. \u201cOur intention is to sell those retail centers this year.\u201d The annual report noted that the company lost $3.41 million in 2007 and 3.85 million in 2006. The balance sheet in the annual report listed total liabilities of $77.6 million. The annual report attributed the losses to carrying costs for undeveloped land that is not generating revenue. Four of the company\u2019s land sites are encumbered by loans totaling about $22 million. Roberts pointed out that property sales in 2004 plus the Addison Place transaction \u2014 if it closes as planned \u2014 will have returned $7.00 per share to stockholders. \u201cThat\u2019s pretty good for a stock that trades between $6.50 and $7.50 per share,\u201d he said. \u201cIt\u2019s a different way of doing things. We distribute cash from sales of properties instead of paying dividends.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Roberts Realty Investors Inc. of Atlanta has agreed to sell Addison Place, a 403-unit apartment community in Johns Creek, Ga., for $60 million or $148,883 per unit. The complex, constructed in 2001, consists of 118 townhouses and 285 apartments. The buyer was not disclosed. After closing, expected at the end of June, the company intends…<\/p>\n","protected":false},"author":1314,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37301],"tags":[],"class_list":["post-1003793139","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"yoast_head":"\n