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Roberts Buying into Palm Beach County

WELLINGTON, FL-The pending purchase of St. Andrews at the Polo Club, a newly constructed 200-unit multifamily property, represents a decisive move by the Atlanta-based real estate investment trust to expand into Florida.

By David R. Corder | Updated on September 19, 2001

WELLINGTON, FL-Roberts Realty Investors Inc. of Atlanta is expanding into Florida. The REIT has signed a contract to acquire St. Andrews at the Polo Club, a newly constructed 200-unit apartment property.

Roberts did not disclose the purchase price, the closing date or the name of the seller in a prepared statement.

The transaction completes a Section 1031 tax-deferred exchange using cash proceeds from the sale in July of the 334-unit Crestmark apartments in Douglasville, GA. The company disclosed then the sale totaled $25 million, or $75,850 per unit.

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