Monday, May 8, 2000
by Richard Lufrano, Contributing Writer
Location, location, timing.
That’s the way Robert Ullmann, president and CEO of Ultima Holdings LLC, would change the overused mantra if he were teaching Real Estate Development 101.
Ullmann, whose company is involved in more than 50 projects, has never been one to follow the rules. Over the years, Ullmann has learned that timing is the most important factor in real estate, rather than his willingness to go where larger developers fear to tread or a knack for surrounding himself with smart people.
“Robert is very decisive,” said Sol Margolias, CEO of Margolias Realty Group, which recently partnered with Ullmann’s company to convert the Lincoln Heights Apartments at 1501 Clairmont Road into 175 condominiums renamed Somerset Heights.
“Once you can convince him, he grasps the entire scope of the deal very quickly,” Margolias said. “Plus, he brings an entrepreneurial spirit to the game that is critical in the real estate market.”
In 1996, Ullmann recognized a need for student housing in Athens. Ultima spent $26 million to build River Club and RiverWalk, two luxury apartment complexes for students looking for an alternative to dorm life. He recently sold both properties for $32 million.
Ullmann talks enthusiastically about his hopes to transform the Gold Creek Golf Resort and Conference Center, which he acquired in 1998 for about $12 million, into a top-flight facility that will one day compete with Chateau Elan. Located in Dawsonville, Gold Creek recently added another nine holes to its 18-hole golf course and is looking to expand its conference center to 250 rooms.
Born in the Netherlands, Ullmann got his start in the development business in The Hague. In 1980, he came to Atlanta to run the Wilma Corp.’s U.S. office. Three years later, when that company asked Ullmann to return to his native land, Ullmann decided that the real estate market in Atlanta was too good to leave.
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