ATLANTA, GA - Post Properties announced today the sale of its Post Lenox Park apartment community located in Atlanta, GA for a gross sales price of approximately $22.7 million, net of escrow reserves to the buyer. Post Lenox Park is a garden-style apartment community located in the Buckhead area of Atlanta and consists of 206 units with an average unit size of approximately 964 square feet. The community was completed in 1995. The buyer was an entity formed by Greensboro, NC based Steven D. Bell and Company. Post expects to report a gain of approximately $12 million relating to this sale.
Post Properties, founded more than 36 years ago, is one of the largest developers and operators of upscale multifamily communities in the United States. The Company's mission is delivering superior satisfaction and value to its residents, associates, and investors, with a vision of being the first choice in quality multifamily living. Operating as a real estate investment trust, the Company focuses on developing and managing Post® branded resort-style garden and high density urban apartments. In addition, the Company develops high-quality condominiums and converts existing apartments to for-sale multifamily communities. Post Properties is headquartered in Atlanta, Georgia, and has operations in ten markets across the country.
Post Properties owns 21,190 apartment homes in 58 communities, including 1,747 apartment units in five communities held in unconsolidated entities and 1,736 apartment units in five communities currently under construction and/or in lease-up. The Company is also developing and selling 506 for-sale condominium homes in four communities (including 129 units in one community held in an unconsolidated entity) and is converting apartment units in two communities initially consisting of 349 units into for-sale condominium homes through a taxable REIT subsidiary.
Source: Post Properties