Post Sheds Two Nashville Apartment Properties

ATLANTA-Locally-based Post Properties is moving quickly on its recently-announced plan to sell several apartment communities in various markets. In its latest transaction, the REIT sold two properties in Nashville and garnered net proceeds of about $36.9 million.

Post Hillsboro Village, built in 1998 and Post Greenhills, built in 1996. were the company’s first two developments in Nashville. The two properties, which total 367 units, went to Principal Life Insurance Company of Des Moines, IA. The price equates to an average $100,545 per unit, a healthy return for Post, according to recent comparable sales elsewhere in the industry.

Post Chairman/ CEO John Williams cited Nashville as one of the markets the company plans to drop from its future new-devlopment roster. Post has other existing properties in Nashville that it is not selling at this time. Williams spoke in a conference call on third-quarter results earlier this week. Post is revamping its operations significantly with plans to cut its development activities nearly in half.

The REIT also will reduce the number of cities in which it develops from 11 to five or six, he noted. In the third quarter, Post sold all of its properties in Mississippi.