X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS Fall 2021Event

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.