It looks like Sandy Springs might be getting another multi-family community sometime in the future. Roberts Realty Investors, Inc. recently announced that it has signed a contract to sell its 11-acre parcel of land located off of GA 400 and Northridge Road in Sandy Springs. The piece of land was purchased for a total of $5,363,789 or $24,381 per apartment unit. The company expects to close the sale by October 31, 2011, subject to customary due diligence and closing conditions.
Mr. Charles R. Elliott, the company’s CFO, stated: “Although we had planned to, and would have preferred to, develop and construct a multifamily community on the Northridge land parcel ourselves, we have not been able to obtain the necessary equity and construction financing. We concluded that it is in the best interest of the company and our shareholders to sell the Northridge land parcel to strengthen the Company’s balance sheet and provide it with increased liquidity.”
It’s great to see land selling in the Sandy Springs real estate market, which ideally means we’ll also be seeing new construction. As we hear more about this deal, we’ll keep you updated with the status.
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