Post Terrace's new owner is Windsor, an affiliate of General Investment & Development of Boston. Post Parkwood was purchased by Principal Capital Real Estate Investors of Des Moines, IA which renamed the asset Parkwood Place.
Post Properties would not break out the individual sales prices, but based on an average $112,333 per unit for all 421 units, the 125-unit Post Parkwood went for an estimated $14 million; the 296-unit Post Terrace, an estimated $33.25 million.
Post Terrace is located in Sandy Springs, the high-demand central Perimeter market, about 15 miles north of Downtown. Post Parkwood is in Cobb County, near the densely-developed Powers Ferry/Windy Hill area. Both complexes were built within the last five years and are close to 100% leased.
Post says that the total $47.25-million proceeds from the sales will be used to pay down debt. Principal Life Insurance Co., an affiliate of Principal Capital, bought two of Post's Nashville apartment communities for $36.9 million in November. Post sold off all of its Mississippi properties during the third quarter of 2000.
The REIT announced in early November it would sell off properties to pay down debt, fund new development internally and to concentrate on urban locations. The REIT, which for 30 years built suburban garden apartments, has shifted its focus to develop class A high-density neighborhoods in major urban markets around the country.
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