Roberts Buys 30.9 Acres in $13.4 Mil Sale Swap

ATLANTA-Utilizing a 1031 Tax Deferred Exchange, authorized by the Internal Revenue Service, locally based Roberts Realty Investors Inc. has used the proceeds from its January $14.8 million sale of the Rosewood Plantation apartment community in suburban Norcross, GA to buy four development sites totaling 30.9 acres for $13.4 million from an undisclosed seller in north Atlanta.

The 1031 Exchange allows Roberts to defer paying federal and state corporate capital gain taxes.

Roberts plans to build a 220-unit multifamily complex; 39,000 sf of office; 47,000 sf of retail; and 80 rental townhomes. The company’s prepared statement didn’t disclose an estimated hard construction cost of the four projects. But area construction industry estimators tell GlobeSt.com that based on current market labor and material costs, the aggregate hard cost will be at least $53 million.