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Roberts Realty to Shed Five Communities for $110M

ATLANTA-The communities—-totaling 1,091 units--are all located in the local area. Founder and CEO Charles S. Roberts sees a $4.50-per-share upside for investors.

By John Salustri | Updated on April 26, 2004

ATLANTA-Shareholders in locally based Roberts Realty Investors can expect a $4.50-per-share gain as a result of a newly unveiled sale of five local communities in the public company’s portfolio. The firm has reached an agreement to flip some five of its local communities, totaling 1,091 units. The price is $109.6 million.The buyer is an unnamed investor with assets in excess of $2 billion. The NYSE-traded firm will pick up Roberts’ Bradford Creek, Plantation Trace, Preston Oaks, River Oaks and Veranda Chase communities for what amounts to $77.30 per foot or $100,458 per unit. The deal is expected to close mid-year.”This sale will enable us to reward shareholders with a substantial distribution of $4.50 per share,” Roberts commented in a prepared statement. Recently constructed complexes that will remain in the company’s portfolio include Addison Place and St. Andrews in Palm Beach County, FL, and a Charlotte, NC asset. A north Atlanta development is also in the works. Stock Exchange trading on Roberts (RPI) opened at $7.01 yesterday.

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