ATLANTA-Locally based Roberts Realty Investors Inc. has closed on a $109.2-million sale of five area apartment communities to Birmingham, AL-based Colonial Properties Trust. Colonial paid an average $100,045 per unit for Bradford Creek, Plantation Trace, Preston Oaks, River Oaks and Veranda Chase communities, the company reveals. The portfolio boasts average unit size of 1,300 sf.Roberts intends to pay a distribution of $4.50 per share June 18 to holders of record on June 14. The company has paid shareholders $8.84 in dividends and distributions since 1996, says Roberts founder and CEO Charles R. Roberts. “This sale maximizes the value of our older appreciated assets and rewards our shareholders with a substantial distribution,” Roberts says.The buy dovetails nicely with Colonial’s reallocation strategy, according to chairman and CEO Thomas H. Lowder. “We’ve been focused on reallocating assets into the multifamily sector,” he explains. “This allows us to fast-forward this strategy with class-A communities.”This is particularly true in what he describes as a “dynamic” market: “The multifamily sector is poised to recover from this economic cycle, and the Atlanta market has significant upside potential.” Roberts adds that the deal with Colonial “allows management to continue to create shareholder value by focusing on its newer assets.” These include three apartment communities totaling 922 homes, a 220-unit apartment community under development, a 42,090-sf retail center and a 39,907-sf office building.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.