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Roberts Plans $23 Mil Apartment Project in Suburbs

ATLANTA-The locally based firm acquires 10.7 acres from from Roberts Properties Inc. for an undisclosed sum. The 220-unit community will break ground by fall in Sandy Springs, 15 minutes north of Downtown Atlanta.

By Shelley M. Johnson | Updated on April 06, 2001

ATLANTA-Roberts Realty Investors, Inc. plans to break ground by fall on a 220-unit, 10.7-acre apartment complex on Northridge Parkway in Sandy Springs, 15 minutes north of Atlanta. The price of the land, sold by Roberts Properties Inc. wasn’t disclosed.

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.

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