As GlobeSt.com reported Sept. 18, Roberts is buying the asset from an undisclosed seller for $21 million or $105,000 per unit, based on its loan amount. The loan and the acquisition will close together at an undetermined date in October.
This is Roberts' first loan with Bloomington, IL-based State Farm. St. Andrews was completed in April and is 67% leased.
Roberts owns 1,700 apartment units in seven complexes in Atlanta, Charlotte and Florida. This is the UPREIT's first Florida acquisition.
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