X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LAS COLINAS, TX-In an ongoing disposition of older multifamily holdings, Atlanta-based Post Properties Inc. has brought its 432-unit Post Hackberry Creek in Las Colinas to market. It’s the third Post metroplex property to go up for sale this year, but it won’t be the last.

David Fersing of the Dallas-based Apartment Group tells GlobeSt.com that Post is selectively disposing of its Texas holdings, particularly those of the 1980s vintage. Fersing says the Post strategy will be to hold onto the majority of its Uptown Dallas mid-rise properties. A final determination of what stays and what goes in the Texas portfolio has yet to be made. It is known that Post’s Houston and Austin CBD projects will not go up for sale, according to Fersing. CB Richard Ellis in Atlanta is handling the same type of Post Properties’ disposition on the East Coast.

“It’s not a fire sale by any means,” Fersing emphasizes. “And so far, it’s working with great success.”

Post Hackberry Creek, says Fersing, should draw better than 20 buyers to the bidding war–a conclusion based on Dallas-Ft. Worth market demand for upscale multifamily properties. Offers are due by Aug. 20.

DFW’s upscale multifamily market is starting to really sizzle, an upward swing catapulted by the 908-unit Post Shores sale, which GlobeSt.com has confirmed brought 98% of its $78 million asking price from Metropolitan Properties of America on behalf of a pension fund client. It was the biggest ticket thus far this year although the 449-unit Phoenix in Dallas’ Midtown commanded the highest per unit price.

In late June, Post made public the sale of Post Shores, the 314-unit Post Winsted and a land parcel in Charlotte, NC. A Post press release says total gross proceeds tallied about $99 million, but some insiders have pegged the bottom line at closer to $120 million. Invesco Realty Advisors bought Post Winsted on behalf of a client while the Charlotte property went to Park Avenue Condominium LLC. As of June 25, Post had hawked more than $275 million in holdings in a nine-month period, of which $192 million occurred this year. The Post re-focus is to align itself as an urban infill developer and exit many suburban markets.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. Apartments 2020Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.