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ATLANTA-On the heels of announcing $60 million in net income for Q2, locally based Post Properties Inc. acquired the 350-unit Centergate Baldwin Park apartment complex in Orlando. The net income reflects a jump from a reported $12.1 million during Q2 2006.

On a diluted per share basis, net income was $1.40 for the second quarter compared to 28 cents a year ago. “Apartment market conditions remain favorable, our condominium business produced solid results and we grew our development pipeline, commencing two new projects,” said Post Properties CEO and president David Stockert, in announcing the Q2 financial results.

Centergate Baldwin Park is a 17-building community located at 4726 New Broad St. near the Village Center in Baldwin Park, which will be renamed Post Lake at Baldwin Park. In a separate transaction, the company also acquired a 13.5-acre site in Baldwin Park for future residential development.

The seller of the property was the Pritzker family. The acquisition price was not released, but Post expects to fund a portion of the investment with the sale of two older Atlanta-area communities. The buildings were constructed in phases beginning in 2004. The second phase was completed in 2007 and is currently being leased. The average unit size is 1,013 sf.

The acquisition is consistent with other acquisitions the company has made in other mixed-use communities, such as Addison Circle in Texas and Pentagon Row in Virginia. The 1,100-acre Baldwin Park contains approximately 4,300 residential units, a town square with commercial space. At completion, a total of more than one million sf of retail, civic and office space in planned.

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