ATLANTA-Locally based Post Properties has sold the 182-unit Post Oak apartment community at 1570 Sheridan Rd. for $24 million through a Section 1031 exchange intermediary.

The buyer of the property was not disclosed. Located in the Emory section of Atlanta, Post Oak is a garden-style community constructed in 1993 with units averaging 997 sf. The complex contains one-bedroom, one-bathroom units that are 550 sf and rent from $760; two-bedroom, one-bathroom units that are 983 sf and rent from $1,000; two-bedroom, two-bathroom units that are 1,127 sf and rent from $1,080 and three-bedroom, two-bathroom units that are 1,323 sf and rent from $1,190.

The sale is indicative of the favorable conditions in Atlanta's multifamily market due to strong job growth and above average population growth, according to a Marcus & Millichap apartment market report. "Strong tenant demand is pushing down vacancies and prompting rent increases, especially inside the beltway, particularly along the Peachtree Street Corridor between Midtown and Buckhead," says Marcus & Millichap regional manager of the Atlanta office John Leonard. "High rents in these markets are producing a spillover into more affordable neighboring communities."

In an unrelated move, the company announced that Moody's Investors Service recently raised the outlook for the Baa3 senior unsecured debt and Ba1 preferred stock ratings of Port Properties Inc. and Post Apartment Homes, LP to positive from stable. The rating agency cited improvement in the company's credit metrics and improved diversification in its apartment portfolio.