ATLANTA, GA - Post Properties, Inc., an Atlanta-based real estate investment trust, announced the closing of its acquisition of Crosswater at Lakeside Village, located in the affluent Windermere submarket of Orlando, Florida.
The 300-unit community, which has been renamed Post Lakeside, was recently completed in 2013, and is in the late stages of its initial lease-up (currently 86 percent leased). The community has units averaging 1,070 square feet, with resort-style amenities oriented to maximize the impact of the lake and associated conservation area. The community is also located adjacent to a recently developed Publix-anchored shopping center, providing walkable retail amenities to residents.
The purchase price of the community was $48.5 million, and was paid out of the Company’s available cash balances. The Company expects the first-year stabilized yield on its investment to be approximately 5.2 percent, after deducting a 3 percent management fee and $300 per unit replacement reserve.
In connection with this acquisition, the Company expects to commence the sale of one of its older Atlanta apartment communities, with the intent to complete a reverse like-kind exchange. That sale and exchange is expected to be completed by the fourth quarter of 2013.
Post Properties, Inc., founded more than 40 years ago, is a leading developer and operator of upscale multifamily communities. 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 high density urban and resort-style garden apartments. Post Properties is headquartered in Atlanta, Georgia, and has operations in ten markets across the country.