Exhibit 99.1
ROBERTS REALTY INVESTORS, INC.
CONTACT: FOR IMMEDIATE RELEASE
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Charles R. Elliott January 9, 2001
Chief Financial Officer
Telephone: (770) 394-6000
Fax: (770) 396-0706
ROBERTS REALTY INVESTORS, INC.
ANNOUNCES THE SALE OF ITS
ROSEWOOD PLANTATION APARTMENT COMMUNITY
ATLANTA, GA -- Roberts Realty Investors, Inc. (AMEX: RPI) announces it closed
the sale of its 152-unit Rosewood Plantation apartment community, which it
developed and constructed in 1993. The sales price was $14,800,000 or $97,368
per unit, which is equal to an 8.2% capitalization rate.
Mr. Charles R. Elliott, the company's Chief Financial Officer, stated, "Although
Rosewood Plantation has consistently produced very good financial results for
us, its small size does not fit into our long-term growth strategy." The company
intends to redeploy the net cash proceeds of $5.9 million into new properties as
part of a Section 1031 tax-deferred exchange. The company expects the yield and
long-term growth to be greater in the new properties.
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. Although the company believes the expectations reflected
in the forward-looking statements are based on reasonable assumptions, the
company's actual results could differ materially from those set forth in the
forward-looking statements. Certain factors that might cause such a difference
include, but are not limited to, the following: occupancy rates and rents may be
adversely affected by local economic and market conditions in Atlanta and
Charlotte; the Atlanta and Charlotte markets may become overbuilt with
multifamily apartments; construction costs of a new community may exceed
original estimates; construction and lease-up of new communities in Atlanta and
Charlotte may not be completed on schedule; and financing may not be available
or, if available, not on favorable terms.
