ATLANTA, April 23, 2012 /PRNewswire/ -- Roberts Realty
Investors, Inc. (NYSE Amex: RPI) announces it has renewed a
$2,955,000 loan on its Highway 20
land and extended the maturity date to April
8, 2013. The Highway 20 land is zoned for 210
multifamily units and is located in Cumming, Georgia less than a mile from the
downtown area which provides shopping, restaurants, and other
entertainment venues. The Cumming area continues to experience
solid growth with the expansion of the Northside Hospital complex
which employs more than 1,850 people, the opening of a new three
pool Aquatic Center and the addition of satellite campuses for
North Georgia College and State
University and Gainesville State College which are expected
to open this fall.
Mr. Charles S. Roberts, the
company's President and CEO, stated, "We are pleased to announce
the extension of this loan through April 2013. Additionally,
the recent reports published by REIS, a national real estate
research firm, project rising apartment occupancy rates, strong
growth in effective rental rates and low levels of new apartment
construction in the North Atlanta
apartment market through 2016. Given the lack of zoned
multifamily land and the high barriers to entry in this market
area, I believe the demand for and the value of our zoned
multifamily land will continue to increase. We currently own a
total of 106 acres of land that is zoned for 1,232 multifamily
units in North Atlanta. As previously announced, we are
continuing to pursue a number of strategic alternatives to maximize
and realize the value of the Company's assets for our
shareholders."
Roberts Realty Investors, Inc. is a self-administered,
self-managed 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. The forward-looking statements relate to Roberts
Realty's intent, belief, or expectations regarding the growth in
the Cumming, Georgia area, the
improvement in the north Atlanta
apartment market, and the increase in demand for zoned multifamily
land in that market. These statements involve risks and
uncertainties, including the risks that growth in Cumming and in north Atlanta generally may not continue, the
unemployment rate in the area may increase, and financing may be
unavailable for the construction of new multifamily apartment
communities, any or all of which may reduce the demand for zoned
multifamily land in that market. These forward-looking
statements are not guarantees of future performance.
For these forward-looking statements, Roberts Realty claims 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
report. All subsequent written and oral forward-looking
statements attributable to Roberts Realty or any person acting on
its behalf are expressly qualified in their entirety by the
cautionary statements contained or referred to in this section.
Roberts Realty undertakes 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 Roberts Realty faces, please
see the section in Roberts Realty's most recent annual report on
Form 10-K entitled "Risk Factors."
SOURCE Roberts Realty Investors, Inc.