ATLANTA, GA - Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, announced today the sale of its Post Ridge® apartment community located in Atlanta, GA for a gross sales price of $44.8 million. Post Ridge® is a garden-style apartment community, consisting of 434 units, and was completed in 1998. The buyer was an entity affiliated with Centennial Holding Company, LLC of Atlanta, GA. CB Richard Ellis, Inc. brokered the transaction.
The Company also announced on Monday that it recently closed the sale of its Post Forest® apartment community located in Fairfax, VA for a gross sales price of $57.5 million. Post Forest® is a garden-style apartment community, consisting of 364 units, and was completed in 1990. The buyer was an entity affiliated with Pantzer Properties, Inc. of New York, NY. Holliday Fenoglio Fowler, L.P. brokered the transaction. The Company expects to report net gains of approximately $54 million in the third quarter relating to these two sales.
Said David P. Stockert, CEO and President of Post, "Completing these two sales in a difficult transaction environment reflects the quality of the assets and the strength of the Post® brand. Net proceeds will be used to bolster our balance sheet and our cash balances, enhancing the Company's financial strength and flexibility through the current economic cycle."
Post Properties, founded more than 38 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 ("REIT"), 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 nine markets across the country.
Post Properties owns 19,864 apartment units in 55 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 362 for-sale condominium homes in three 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, Inc.