02/10/2004 Focus Announces the Acquisition of State Street Academy Focus has acquired a 50-unit apartment community known as State Street Academy. It is conveniently located across the street from the Georgia Institute of Technology campus, within minutes of Atlanta's Central Business District. The apartment community was acquired from Surango America, Inc. for a total purchase price of $4.9 Million Dollars. Regions Bank provided a $5.6 Million Dollar loan for the acquisition and upgrade of the Property. Focus plans to immediately convert the Property into condominiums and rename it State Street School Condominiums. The renovation plan calls for the expenditure of approximately $1.5 Million Dollars to reposition the Property for a successful condominium conversion. The Property is comprised of two separate buildings, one of which is the original Home Park Academy, built in 1911. The Property offers unique floor plans, with original hardwood floors and 14 ft. high ceilings. Prices will start at $155,000.
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