The units are expected to be ready for occupancy by summer 2002. The Sandy Springs venture is one of three new communities the firm has started in the Southeast in the past year.
The total properties should add an annual $1.6 million to the company's cash flow, Robert Elliott, Roberts Realty's CFO, tells GlobeSt.com. Average rentals at Sandy Springs run from $850 per month for a one bedroom unit to $1300 for a three-bedroom apartment.
The second phase of the firm's 403-unit Addison Place in Alpharetta, comparable to the Sandy Springs project, was 23% occupied in January.
Brian Sullivan, senior vice president, Roberts Properties, tells GlobeSt.com the overall market in the Sandy Springs area is desirable since there are no other zoned apartments there, and the new site would be the first complex built in the past five years.
RPI's Highland Park project has consistently stayed at 90% to 100% occupancy with monthly rentals from $850 to $1350, Sullivan says.
As of the fourth quarter of last year, Roberts Realty held over $131 million in real estate assets, including land held for future development, construction in progress, cash and liquid assets.
The firm reported an operating revenue of $10.1 million for 2000, compared to $19.3 million in 1999.
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