Centex Pays Roberts $368,673 per Acre for 9.5-Acre Townhomes Tract

ATLANTA-Robert Realty Investors Inc. has booked $3.5 million on the sale of a strategically located 9.5-acre tract near its Addison Place apartment community in suburban Alpharetta, GA, 30 miles north of Downtown Atlanta.

Centex Homes Inc. of Dallas, headed by chairman Lawrence Hirsch, paid an effective price of $3.5 million or $368,673 per acre ($8.46 per sf) for the East Fox Court site where it plans to develop 80 townhomes. A ground-breaking date hasn’t been set.

The contracted price for the dirt was $3.2 million. Centex also reimbursed Roberts Realty Investors Inc. $302,400 for sewer costs.

Roberts’ CEO and part-owner Charles S. Roberts says the sale produced a profit for the firm of $1.54 million or 21 cents per share. “This transaction demonstrates our consistent ability to select and develop premium properties,” Roberts says in a prepared statement.

He projects the deal will help market Roberts’ Addison Place project because “the addition of these townhomes will offer (buyers) another attractive housing alternative and will further enhance the development of the smart-growth, mixed-use community that we initiated where both owned and rented homes are within easy walking distance of the Addison Shoppes, our retail center.”

The company plans to use the proceeds to reduce debt or to invest in income-producing properties.