Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

SMYRNA, GA-Following a previously announced disposition strategy of selling off non-core assets, locally based Post Properties Inc. has sold its 1,738-home Post Village apartment community in this Atlanta suburb to San Francisco-based Rreef America LLC for $132.5 million or $76,237 per unit. The sale closed Aug. 8. CB Richard Ellis Inc. brokered the transaction.

Multifamily brokers familiar with the Smyrna submarket tell GlobeSt.com the Post Village per-unit price was about $20 below the estimated current hard replacement cost for comparable garden apartment homes. Rreef America is a wholly owned subsidiary of Deutsche Bank AG.

The five Cobb Parkway properties operating as Post Village are the Arbors of Post Village, the Hills of Post Village, the Gardens of Post Village, the Fountains of Post Village and the Meadows of Post Village. Area brokers familiar with the submarket tell GlobeSt.com Post Village was about 93% occupied at closing. The community was completed in phases between 1983 and 1988.

Post Properties owns 21,795 apartment homes in 58 communities, including 545 apartment units in two communities held in unconsolidated entities and 205 apartment units in one community currently under development.

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?


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

Get More Information


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.