The number of third-party construction contracts that newly formed Oxford Properties LLC is acquiring from Post and their aggregate value, along with the assets and liabilities of Post Construction, also weren't disclosed in a prepared statement by the locally based apartment REIT.
Don Faulk, former president, Post Apartment Development; Richard Denny, former vice president, Post Properties Inc.; and Jay Williams, president, Williams Investment Group and son of Post chairman/CEO John Williams are the principals in Oxford. The Oxford principals have signed non-compete contracts with Post and agreed to hire 28 former Post Properties and construction division employees.
The sale of the construction division follows Post's divestiture in December of its third-party landscaping and property management operations.
"The general contracting business is highly competitive and not central to the company's core business" of developing garden-style apartment communities, Post president/chief operating officer David Stockert says in the statement. "The (general contracting) business did not generate a meaningful net profit in 2001, after allocating its share of corporate general and administrative expenses."
Stockert says exiting the fee landscaping, property management and construction businesses will streamline Post Properties' operations as the company told shareholders 18 months ago.
Post Properties owns 32,438 apartment units in 94 complexes, including 2,604 units currently under development.
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