This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Roberts Realty Investors, Inc. Announces Contract To Sell Northridge Land Parcel

ATLANTA, June 30, 2011 /PRNewswire/ -- Roberts Realty Investors, Inc. (NYSE Amex: RPI) announces it has signed a contract to sell its 11-acre parcel of land located off of GA 400 and Northridge Road in Sandy Springs, Georgia for $5,060,000 or $23,000 per apartment unit plus the reimbursement of certain development and construction expenses in the amount of $303,789 for a total cash sales price 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.”

As discussed in our previous SEC filings, Roberts Properties, Inc., which is wholly owned by Mr. Charles S. Roberts, the company’s CEO, will purchase the property through a newly formed joint venture.  The closing of the sale is subject to the joint venture raising the equity and debt for the specific purpose of funding the purchase of the property and constructing a multifamily community.  The company’s audit committee, which is composed of two independent directors, approved the transaction in accordance with the committee’s charter in compliance with the applicable listing rules of the NYSE Amex Equities stock exchange.  In approving the transaction, the audit committee obtained two independent appraisals of the market value of the Northridge land parcel.  These appraisals valued the parcel at $5.1 million and $3.3 million.  The company’s board of directors also approved the transaction in accordance with the company’s Code of Business Conduct and Ethics, with Mr. Roberts abstaining from the vote.  

Roberts Realty Investors, Inc. is a self-administered, self-managed equity real estate investment trust.  

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs