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

Post Chairman/ CEO John Williams cited Nashville as one of themarkets the company plans to drop from its future new-devlopmentroster. Post has other existing properties in Nashville that it isnot selling at this time. Williams spoke in a conference call onthird-quarter results earlier this week. Post is revamping itsoperations significantly with plans to cut its developmentactivities nearly in half.

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