Purchase contract update:

Dear Sobu homeowners,
Thank you for everyone who took the time to attend the homeowners meeting. The assemblage team is currently working on uploading the purchase and sales agreement for each and every homeowner via DocuSign. We're currently verifying and updating contact information we received at the assemblage meeting last night, and will start emailing the individual contracts out shortly. One of the assemblage team members will call, or text the phone numbers we have on record letting you know it has been emailed.  If you haven't received your contract by 5 pm Friday please call Josh Reeves at 404-547-3622, or email at joshreeves@atlantafinehomes.com
If you weren't able to attend the meeting you can download the spreadsheet with the offering price breakdown for each unit on the "spreadsheet" tab located towards the top, middle of the blog.

For everyone who wasn't able to attend the assemblage meeting:

• This offer requires 100% participation, which means ALL 132 unit owners must sign their contracts.
• The contracts are nonnegotiable.
• Total offering price is $28M for all 132 units = $287.65 per Square Foot of unit space.
• All major appliances , light fixtures, and plumbing fixtures will remain with the sale.
• Buyer is requiring a one year lease back for one full year after closing, and to be paid in full at the time of closing
• Seller can sublease
• All utilities are included in the rents, which means no HOA fees for the last year.  
• All parking spaces currently assigned to the units will remain the same
• Lease monthly rental rate is $2.00 per SF.  Example: $2.00 SF X 800 SF = $1600.00 per a month rent
• Contracts are being emailed out electronically via DocuSign.  (If you were not in the meeting, please provide us with your email and contact information as soon as possible so we can send you the information).
• The assemblage team consists of Josh Reeves, Shawn Daugherty, and Annie Boland with Atlanta Fine Homes Sotheby’s Realty.
• sobuflatsbuckhead.blogspot.com  blog will be updated with details of who has signed a contract and who hasn’t signed in order to allow for transparency on how things are progressing. 

Facts To Know:

Q:  What is soonest or latest date this could close?

A:  30 days after being 100% assembled / all contracts signed.

Q:  Once the buyers purchase, how long can I or my tenant remain in the property?

A:  For one year.

Q:  Once the buyers purchase, do I have to pay anything to live here (or have my tenants live here) for that one year?

A:  After paying the one years rent at closing, all utilities & property maintenance will be responsibility of the new property owner. 

Q:  Does the purchase price include my one year rental fee and the real estate commissions?

A:  No. One year of rent, plus 6% real estate commissions will be deducted from the total contract sales price. 

Q:  Is the purchase price negotiable?

A:  No. The contract terms were negotiated with prospective buyers for several months. The offer from the purchaser has no financing contingencies.  The $28 million dollar purchase price is firm.  The math is simple:  purchase price divided by unit square footage equals the price per foot.  Every unit owner sales price is based on a cost per square foot. Owners will be paid based off SQ totals on the floor plans provided in the condominium documents. (the purchase price of $28M is above the property appraised value of the property)

Q:  What if I need help finding a place here in the area for a similar price?

A:  We have designated agents whose names we will post on the blog who can assist you. 

Q:  What if I have a tenant in place?

A:  All current leases will need to be terminated at the time of closing. The new lease with the buyer will allow subleasing, making it easy to keep current tenants in place for up to one year after closing.