ATLANTA-Dallas-based Centex Homes Corp., one of the largest homebuilding and financial services firms in the United States and headed by Laurence Hirsch, expects to close Nov. 21 on the acquisition of a 9.5-acre tract in suburban Alpharetta, GA from locally based Roberts Realty Investors Inc.
Centex has contracted to buy the dirt for about $3.2 million or $7.73 per sf. The site is on East Fox Court, across from Roberts' Addison Place apartment community.
In a prepared statement, Roberts CEO Charles S. Roberts estimates the sales price “will produce a profit of just over $1.5 million or 21 cents per share.” He says Centex has completed its due diligence and has escrowed a non-refundable deposit of $150,000.
Roberts has held the land for investment. The tract is owned “free and clear,” Roberts chief financial officer Stephen M. McAleer says in the same statement. Proceeds will be used for corporate working capital purposes, debt reduction or to invest in income-producing properties.
Centex's most recent financial statement shows the Texas company posted net earnings of $115.6 million in the second fiscal quarter of 2003 ended Sept. 30. That number was up 24% from $93.4 million in the same 2002 period. Diluted earnings per share were $1.83 or 22% higher than $1.50 for the same period last year. Revenue of $2 billion was up 11% over $1.88 billion in second quarter 2002.
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