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ATLANTA-Roberts Realty Investors Inc. has sold its 334-unit Crestmark apartments in suburban Douglasville, GA, 10 miles west of Downtown, to an unidentified buyer for $25 million or $74,850 per unit. Roberts netted $7.9 million cash in the deal.

“Although Crestmark produced very good financial results for us, its location does not fit into our long-term growth strategy,” Charles R. Elliott, the firm’s chief financial officer, says in a prepared statement. “We intend to redeploy the net cash proceeds of $7.9 million into new properties as part of a Section 1031 tax-deferred exchange and we expect the yield and long-term growth to be greater in the new properties than for Crestmark.”

The $25 million sales price exceeded the price shown on the company’s net asset value schedule published in July 2000 and again in July 2001, Elliott says. Roberts Properties Inc., a non-owned affiliate of Roberts Realty Investors, developed and built Crestmark.

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