ATLANTA-Continuing a plan to exit weak and single-asset markets, Post Properties Inc. has closed on two previously announced sales totaling $64 million, bringing total asset sales to date to $238 million, the company reports.

The locally based garden apartment developer has sold the 432-unit Post Hackberry Creek apartments in the Las Colinas section of Dallas and the 403-unit Post Roosevelt Square apartments with 11,400 sf of retail in Downtown Phoenix.

Post plans to sell a total of 11 properties comprising 5,176 units for about $350 million. The REIT already has left the Austin, TX, Pasadena, CA and Phoenix markets and is lessening its presence in Dallas and Atlanta. Post wants to concentrate in fewer cities “where the company can achieve operating efficiencies and leverage the Post brand,” the company says in a prepared statement.

In an unrelated transaction, Post obtained a $17-million, five-year mortgage loan from an undisclosed lender on its Post Biltmore apartments in Atlanta. The loan carries a 4.04% interest rate and matures on Dec. 10, 2008. Post Biltmore is jointly owned by Post Properties and the New York State Common Retirement Fund.

A deal by L. Barry Teague, a former Post director, to buy a 166-unit apartment building here has fallen through, the company reports. Post has placed the property on the market and expects to find a buyer within the next four months.

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