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WELLINGTON, FL-Roberts Realty Investors Inc. of Atlanta is expanding into Florida. The REIT has signed a contract to acquire St. Andrews at the Polo Club, a newly constructed 200-unit apartment property.

Roberts did not disclose the purchase price, the closing date or the name of the seller in a prepared statement.

The transaction completes a Section 1031 tax-deferred exchange using cash proceeds from the sale in July of the 334-unit Crestmark apartments in Douglasville, GA. The company disclosed then the sale totaled $25 million, or $75,850 per unit.

Completed in April, St. Andrews is 67% leased.

(Please see Atlanta page for related story.)

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