Roberts Realty Investors is for sale and could be sold to another entity looking for a way to become public. (Sometimes it's easier to come in through the back door.)
That revelation came with Sandy Springs-based Roberts Realty's latest annual report. The company states that it has spoken "with several companies that have expressed a desire to become a public company through a transaction with us.” But Roberts Realty's Charlie Roberts tells us nothing is pending at this point. "We're open to a merger. We have off-and-on been in talks with people," he says. "That's as much to encourage anybody that read that that we're open for discussion." Roberts continues to pursue development opportunities—especially Bradley Park, a 22-acre, 154-unit apartment complex in Forsyth County, which Charlie says will be first out of the gate in its development pipeline.
The news comes at a time when Roberts is still pursuing multifamily developments and attempting to harvest some of its holdings, while facing $11M in loan maturities this year. Charlie says the firm is "absolutely going to refinance" those loans and is in the process of doing so with two of them. According to its report, Roberts is under contract to sell 1.3 acres in Johns Creek for $700,000, contingent upon rezoning, and it sold 450 Northside Pkwy (which we reported here). And Charlie says instead of selling, the firm now plans to develop the 10-acre North Springs TOD mixed-use site that could encompass 210k SF of office, 356 multifamily units and 56k SF of retail (above).
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