07/16/2003 Focus Announces Acquisition of Kingsley Village (formerly Summit Ridge) Focus is pleased to announce the June 2003 acquisition of Summit Ridge Apartments, a 146 unit apartment community, located on Six Flags Drive in Cobb County, Georgia. The purchase price was $4,000,000. The community was built in 1974 and underwent a renovation in 2000. Focus will reposition the asset through a major renovation. The property was financed using tax exempt bonds issued through the Cobb County Housing Authority and 4% tax credits. Standard Mortgage arranged for financing in the amount of $5,885,000 through Fannie Mae. The Seller, a private investor, was represented by Workman & Associates.
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