Post's five-year-loan with an undisclosed lender carries a 4.28% annual interest rate and matures March 10, 2008. The apartment complex is owned by Post Peachtree LLC which is a joint venture between an undisclosed institutional investor and Post Apartment Homes LP.
In Texas, Post sold the two-year-old, 239-unit Post West Avenue Lofts to Gables Residential of Boca Raton, FL. The property has 7,400 sf of street-level retail.
Cypress Realty Inc., an Austin-based investor, bought the adjacent two-acre parcel at 801 W. 5th St. Post didn't disclose the individual prices of the Texas properties but said in a prepared statement the combined price was $34 million.
Post reported a fourth-quarter profit of $9.6 million versus a loss of $2.3 million in fourth quarter 2001. On a per-share basis, the developer showed net income of 26 cents a share compared to a loss of six cents in the same 2001 period. Fourth-quarter revenue dropped to $82.8 million from $86.4 million.
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