ATLANTA, Oct. 31, 2013 /PRNewswire/ -- Roberts Realty
Investors, Inc. (NYSE MKT: RPI) announces that it has completed the
sale of its Northridge Office Building to the Fulton County Board of Education. The
sales price was $5.28 million and at
the closing, the company paid off the $2.4
million of debt secured by the property.
Mr. Charles S. Roberts, the
company's president and chief executive officer, stated:
"Completing this sale provides us with $2.52
million to continue the development of our 154 unit Bradley
Park apartments located in Forsyth
County, Georgia, which is ranked as America's 7th fastest
growing county by Forbes Magazine. We expect to start
construction on the Bradley Park apartments in the first quarter of
2014."
Mr. Roberts continued: "In addition, we are still pursuing
and working on strategic alternatives that would enhance
shareholder value through a sale or merger of the company. We
believe the sale of the Northridge Office Building and the
company's development and planned construction of the Bradley Park
apartments makes the company more valuable on its own or as a
merger candidate. As a result, we believe the company is well
positioned for a productive and successful 2014."
Roberts Realty Investors, Inc. is an equity real estate
investment trust based in Atlanta.
Forward Looking Statements
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, as
amended. Some of the forward-looking statements relate to our
intent, belief or expectations regarding the development and
construction of new apartments. Our forward-looking
statements relating to the construction of new apartments involve
risks and uncertainties regarding the availability of the equity
capital we need to obtain construction financing and to the overall
financing environment, specifically the willingness of financing
sources to make apartment construction loans. Other
forward-looking statements relate to our intent, belief or
expectations regarding our examination of strategic
alternatives. These statements involve risks and
uncertainties, including the occurrence, terms and timing of one or
more transactions or sales. For these forward-looking
statements, we claim the protection of the safe harbor for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995. You should not place undue
reliance on the forward-looking statements, which speak only as of
the date of this release. All subsequent written and oral
forward-looking statements attributable to us or any person acting
on our behalf are expressly qualified in their entirety by the
cautionary statements contained or referred to in this
section. We undertake no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events, or otherwise. For more
information about other risks and uncertainties we face, please see
the sections in our most recent annual report on Form 10-K and our
most recent quarterly report on Form 10-Q entitled "Risk
Factors."
SOURCE Roberts Realty Investors, Inc.