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ATLANTA-Locally based Post Properties Inc. has sold the 496-unit Post Valley and 148-unit Post Summit apartment communities for $56.8 million.

Built in 1988, Post Valley is located at 4570 S Cobb Dr. SE in Smyrna. It is a garden-style community with an average unit size of approximately 780 sf. Built in 1990, Post Summit is located at 2778 North Decatur Rd. in Decatur. It is a garden-style community with an average unit size of 900 sf.

These are the latest sales in an investment sales market that has been strong in recent months. According to a Marcus & Millichap Q3 apartment market report, sales velocity over the past 12 months has increased by 48% compared with the preceding 12-month period. The median sales price is $55,769 per unit, up 4.9% from the median price at the end of 2005. Over the past year, investors experienced cap rates in the mid-7% range, down from the previous 12 months when cap rates were in the low- to mid-8% range, the report states.