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Centex Pays Roberts $368,673 per Acre for 9.5-Acre Townhomes Tract

ATLANTA-The Dallas-based homebuilder acquired the strategically located tract for a total $3.5 million near the Atlanta firm's Addison Place apartment community in suburban Alpharetta, GA. Centex plans to develop 80 townhomes on the East Fox Court site.

By Alex Finkelstein | Updated on December 10, 2002

ATLANTA-Robert Realty Investors Inc. has booked $3.5 million on the sale of a strategically located 9.5-acre tract near its Addison Place apartment community in suburban Alpharetta, GA, 30 miles north of Downtown Atlanta.

Centex Homes Inc. of Dallas, headed by chairman Lawrence Hirsch, paid an effective price of $3.5 million or $368,673 per acre ($8.46 per sf) for the East Fox Court site where it plans to develop 80 townhomes. A ground-breaking date hasn’t been set.

The contracted price for the dirt was $3.2 million. Centex also reimbursed Roberts Realty Investors Inc. $302,400 for sewer costs.

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