MARIETTA — Officials from NoteSouth Investment Fund, LLC, an investment fund co-sponsored by Novare Group and Brand Properties, announced Wednesday it has purchased the foreclosed Emerson Overlook Condominiums in Marietta for an undisclosed amount.

The condominiums make up four floors of a seven-story building off Roswell Road across from the Marietta National Cemetery, near the Marietta Square. The law firm Moore, Ingram, Johnson & Steele has occupied the first three floors — 46,000 square feet of space — since August 2009.

Officials said the condominiums are now managed and operated on behalf of NoteSouth by Atlanta-based Novare Group.

The Emerson Overlook building opened its doors in November 2008, and according to a news release, 28 of the 32 condominiums are for sale from the $140,000s to the low $300,000s. Coldwell Banker NRT Development Advisors is marketing the 1,093- to 2,648-square-foot one-, two- and three-bedroom homes.

The homes were first priced from the $200,000s to the $600,000s in 2008.

It all started back in 2005, when the Marietta City Council voted to buy the former Shell gas station and its less than a half-acre site on Roswell Street for $1.5 million from a local businessman for a road widening/streetscape project. Less than nine months later, developer Roger DeBoy — who was also a member of the Downtown Marietta Development Authority — purchased most of the property where Emerson Overlook now stands from the city for $550,000.

After the housing market tanked, Bank of North Georgia filed suit in Cobb Superior Court in Sept. 2009, demanding DeBoy pay back the $18.3 million loan the bank gave him to build the development. DeBoy countersued, arguing that the bank had received $900 million under the federal government’s Trouble Asset Relief Program.

In his countersuit, DeBoy said the bank’s conduct “rises to the level of gross negligence,” and that the bank had “acted in bad faith, has been stubbornly litigious and caused (him) unnecessary trouble and expense.”

In August 2008, according to the suit, DeBoy told the bank that cost overruns associated with expediting the construction schedule at Emerson Overlook to attract Moore, Ingram, Johnson & Steele as a tenant had been $1.8 million.

DeBoy stated in the suit that in June 2009, he met with Rob Garcia, a vice president with Bank of North Georgia and chair-elect for the Cobb Chamber of Commerce, who asked that the lease payments DeBoy received from John Moore’s law firm be assigned to the bank as part of refinancing the note, which DeBoy and Moore agreed to.

According to the suit, Garcia refused to refinance the note after the agreement was made.

On Wednesday, Garcia said that the legal matter is still pressing, so he could not comment extensively on what happened. But he did say there were many liens on the property and that the bank “did what we had to do.”

“The bank never refused to do anything that was reasonable. We tried to do everything we could to work with Mr. DeBoy and unfortunately, we could never get to a resolution,” Garcia said.

Garcia said the bank had foreclosed on the property, though he did not know an exact date.

The $22 million development includes a three-story parking deck that can hold 238 cars. During the building’s ribbon-cutting in Nov. 2008, the Journal reported that DeBoy said 18 of the condos had either been sold or were set to close in the following 30 to 45 days, with one closing just one hour before the ceremony.

Reporter Jon Gillooly contributed to this article.