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| Charles S. Roberts |
ATLANTA, GA /PRNewswire/ -- Roberts Realty Investors, Inc.
(NYSE MKT: RPI) announces that the sale of its 20 acre Peachtree Parkway
property to Lennar Multifamily Investors, LLC for a net sales price of
$7,090,000 is scheduled to close on February 7, 2013.
Lennar completed its due diligence on the Peachtree Parkway
property on January 4, 2013 and in accordance with the terms of the sales
contract its $300,000 earnest money deposit is now non-refundable.
We intend to use the $7,090,000 of sale proceeds to pay off
our Peachtree Parkway land loan, which will significantly reduce the company's
debt. The payoff of the Peachtree
Parkway land loan will also release our North Springs property, which serves as
$4,400,000 of additional collateral for the Peachtree Parkway land loan.
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| North Springs, GA Commuter Rail Station |
The North Springs property is a 10-acre site located on
Peachtree Dunwoody Road in Sandy Springs across from the North Springs commuter
rail station that is zoned for 356 apartment units, 210,000 square feet of
office space, and 56,000 square feet of retail space.
The North Springs property has a book value of $11,000,000
and after the closing of the sale, the company will own the North Springs land
on a free and clear basis, which will provide the company with additional
financial flexibility and further growth opportunities.
For a complete copy of the company’s news release, please
contact:
Charles S. Roberts, President, +1-770-394-6000, Fax:
+1-770-551-5914
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