Williams' business partner in the venture is Kessell Stelling. Both own 50% of Riverside Bank. Williams' stake in the five companies ranges from 15% to 50%, brokers who have worked with Williams previously and are following his new career, tell GlobeSt.com.
RAM Partners Inc., a third-party management firm that was previously a part of Post Properties' portfolio, is the largest of the five companies. Brokers tell GlobeSt.com RAM manages 25,000 apartment units in 107 developments in 14 states.
The other companies are Madison Retail, Newport Development, Park Landscape and Oxford Properties. Madison handles redevelopment projects. Newport is a condominium developer. Park Landscape does the exterior work at all of the projects. Oxford Properties will develop rental townhomes.
Post officials are not concerned that Williams' products will vie with Post garden apartment ventures since Williams has a non-compete contract that doesn't expire until he is 70, brokers intimate with the contract and its terms tell GlobeSt.com. Still, Williams remains the largest stockholder in Post Properties Inc., owning about 5.5% of the company. At one time, prior to a proxy fight last year with existing Post directors, Williams owned 2.9 million shares, or 7.3% of the company's total outstanding shares. Williams continues to gradually sell off his Post stock, brokers in a position to know, tell GlobeSt.com.
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