In a prepared statement, Charles S. Roberts, chief executiveofficer of the apartment developer, says "the Atlanta apartmentmarket has remained soft and the lack of any meaningful job growththis year continues to negatively affect our occupancy."

Meanwhile, Roberts continues its $93-million building programthat includes two multifamily communities in Atlanta and one inCharlotte.The 403-unit Addison Place in Atlanta is completed and70% leased. The 250-unit, $21-million Veranda Chase, also inAtlanta, is 85% complete and 17% leased. A 319-unit property inCharlotte is 50% constructed and leasing activity is expected tobegin this November.

Roberts projects construction costs on Veranda Chase would be$250,000 under budget. Upon completion, he expects it to increasethe company's cash flow by $500,000 a year, adding 30 cents pershare to the company's net asset value.

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