Post Parkside Leases Up on Fast Track

ORLANDO-Post Properties Inc., an Atlanta-based developer with 30 years in the apartment field, has leased up its 244-unit Downtown property on a two-year fast track. The total build-out cost was $31 million. Funds from operations show a yield of 9.3%.

The monthly rent range is $795 for a 500-sf studio apartment and bath to $2,525 for a two-bedroom, two-bath, 1,865-sf unit. Post ran the fast track by a blend of new construction and adaptive re-use of older real estate in a highly-desirable location.

The asset’s 121 high-rise luxury units were formerly part of the landmark Park Plaza Hotel. The developer built 123 new units next to the hotel, along with 30,000 sf of commercial space. The commercial is also 100% leased to restaurants and small retailers. Post Parkside overlooks Lake Eola, Downtown’s community focal point.

The developer added amenities to Post Parkside apartment units that were difficult for tenants in the professions to ignore. The amenities offer the latest PostSmart.net technology comprising high-speed, always-on Internet access; community intranets with e-commerce options for residents; in-unit, surround sound, computer networking capabilities; and home office/small office connections.