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VILLAGE OF WELLINGTON, FL-Roberts Realty Investors Inc. has closed on the $28.2 million acquisition ($141,000 per unit) of St. Andrews at the Polo Club, a 200-unit apartment community the REIT contracted to buy a month ago. The seller was Miami-based Related Group of Florida Inc.

Opened in April of this year, the apartment community is about 76% leased. Roberts anticipates the property will produce a stable occupancy rate of 95% by April 2002.

In closing the deal, the REIT completes a tax-deferred exchange related to the recent sale of its Crestmark apartment community in Douglasville, GA. The company arranged $21 million in permanent financing on the Wellington property through State Farm Life Insurance Company.

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