Seller Signings Postponed Until Further Notice

Due to unforeseen circumstances explained below, the Buyer of Sobu Flats has postponed Seller signings at this time. Walkthroughs scheduled with Shawn Daugherty are cancelled at this time. Seller signings previously scheduled with Campbell and Brannon for the next few weeks have been canceled and will be rescheduled at a later date.  Josh and Shawn will be in contact with unit owners who have previously booked airfare and made travel arrangements for signings.

The Buyer’s inspection of the Sobu building revealed repair and renovation costs which exceeded initial estimates by 25-35%, amounting to millions of dollars in excess costs.  As a result, the Buyers will be conducting additional due diligence for the next 30 days to assess the likelihood of redevelopment of the Property as a whole.  Among other items, this will require an in-depth inquiry into the potential for re-zoning the property subject to the City of Atlanta’s regulations.  As with all matters with the City, this process will take some time.  Upon a successful completion of those efforts, Seller signings will resume.

We will continue to provide updates related to the Closing as soon as they are available.  Until the time of funding of the Closing, all owners should continue to make all HOA and mortgage payments as the continuing owners of each unit.

We appreciate everyone’s efforts thus far in the pre-closing process.  They are not in vain.  Campbell & Brannon will maintain the 130 information sheets and other pre-closing items provided by all Sellers, so all items are in order when the Buyers give the green light to proceed.  During this time, we would ask that the two unit owners who have not completed their pre-closing documents do so.  As you know, the entire assemblage process and Closing hinges on the participation of ALL unit owners.  When signings resume, the process will take several weeks as all 132 unit owners will have to be scheduled to come in and sign before the project can fund.  Without the cooperative participation of all unit owners signing in advance at that time, the project cannot and will not close. 

Please continue to review the blog and we will provide updates as soon as possible.  

Also, please do not hesitate to contact Josh Reeves or me with questions and concerns.