Post Walk was completed in phases from 1984 to 1987. Post Corners was completed in 1986. Post president and CEO David P. Stockert didn't disclose the occupancy levels of each asset at closing.
"These two sales help us achieve all the stated goals of our disposition program--geographically balancing our portfolio, providing proceeds for new acquisitions and developments, and improving the age and quality of our overall portfolio," Stockert says in a prepared statement.
Stockert adds the company "continues to be pleased with the pricing and response we are receiving on these sales." Area brokers following Atlanta's multifamily market on a daily basis tell GlobeSt.com the $76,282 per-unit price for the 936 apartment units is generally considered below replacement cost.
"I would have to tell you that both sides struck a good deal here but that the buyer made an even better deal since new construction of comparable properties would cost at least $80,000 per sf if not considerably more," a Midtown broker, who asked for anonymity because he may be involved in other future Post transactions, tells GlobeSt.com.
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