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ATLANTA-Locally based Roberts Realty Investors has signed a letter of intent to sell the 9.5-acre East Fox Court in Alpharetta, GA for $3.2 million or $336,842 per acre ($7.73 per sf). The undeveloped land is across from Roberts’ 403-unit Addison Place apartment complex.

Roberts refuses to identify the buyer. The deal is expected to close in Novemeber.

In a printed statement, Charles S. Roberts, chief executive officer, says the sale “will produce a profit of $1.6 million or 22 cents per share when the transaction closes in November 2002.”

That number indicates the company bought the dirt for about $1.6 million or $168,421 per acre ($3.87 per sf). Roberts’ statement didn’t disclose how long it has held the land.

If sold at $3.2 million, Roberts would realize an estimated gross internal rate of return of 100%, area brokers who have done similar land deals tell GlobeSt.com on condition of anonymity.

Roberts says in the statement the company plans to “reinvest the proceeds in an existing apartment community that will immediately add to cash flow.” Roberts refuses to identify the apartment property.

Through its subsidiary, Roberts Properties Residential, the REIT owns 1,600 apartment units in the Southeast, primarily in Atlanta.

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