Roberts Nets $7.9 Mil Cash on $25-Mil Deal

ATLANTA-Roberts Realty Investors Inc. has sold its 334-unit Crestmark apartments in suburban Douglasville, GA, 10 miles west of Downtown, to an unidentified buyer for $25 million or $74,850 per unit. Roberts netted $7.9 million cash in the deal.

“Although Crestmark produced very good financial results for us, its location does not fit into our long-term growth strategy,” Charles R. Elliott, the firm’s chief financial officer, says in a prepared statement. “We intend to redeploy the net cash proceeds of $7.9 million into new properties as part of a Section 1031 tax-deferred exchange and we expect the yield and long-term growth to be greater in the new properties than for Crestmark.”