In a prepared statement, Charles S. Roberts, chief executive officer of the apartment developer, says "the Atlanta apartment market has remained soft and the lack of any meaningful job growth this year continues to negatively affect our occupancy."
Meanwhile, Roberts continues its $93-million building program that includes two multifamily communities in Atlanta and one in Charlotte.The 403-unit Addison Place in Atlanta is completed and 70% leased. The 250-unit, $21-million Veranda Chase, also in Atlanta, is 85% complete and 17% leased. A 319-unit property in Charlotte is 50% constructed and leasing activity is expected to begin this November.
Roberts projects construction costs on Veranda Chase would be $250,000 under budget. Upon completion, he expects it to increase the company's cash flow by $500,000 a year, adding 30 cents per share to the company's net asset value.
Expressing confidence in the company, Roberts saiys he has bought 66,000 shares of company stock on the open market since Nov. 29, 2001.
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