SMYRNA, GA-Following a previously announced disposition strategy of selling off non-core assets, locally based Post Properties Inc. has sold its 1,738-home Post Village apartment community in this Atlanta suburb to San Francisco-based Rreef America LLC for $132.5 million or $76,237 per unit. The sale closed Aug. 8. CB Richard Ellis Inc. brokered the transaction.

Multifamily brokers familiar with the Smyrna submarket tell GlobeSt.com the Post Village per-unit price was about $20 below the estimated current hard replacement cost for comparable garden apartment homes. Rreef America is a wholly owned subsidiary of Deutsche Bank AG.

The five Cobb Parkway properties operating as Post Village are the Arbors of Post Village, the Hills of Post Village, the Gardens of Post Village, the Fountains of Post Village and the Meadows of Post Village. Area brokers familiar with the submarket tell GlobeSt.com Post Village was about 93% occupied at closing. The community was completed in phases between 1983 and 1988.

Post Properties owns 21,795 apartment homes in 58 communities, including 545 apartment units in two communities held in unconsolidated entities and 205 apartment units in one community currently under development.