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Post Properties Continues to Shed Projects

ATLANTA-In keeping with its move to pare down and focus on urban development, the locally-based REIT has sold two Atlanta apartment communities totaling 421 units for an aggregate $47.25 million or an average $112,333 per unit.

By Judith Schonbak | Updated on January 04, 2001

ATLANTA-Post Properties Inc. is in a selling mode. Its most recent sales are two metro Atlanta apartment communities, Post Terrace and Post Parkwood, both in high-density suburban locations. The combined 421 units were sold for $47.25 million or an average $112,333 per unit.

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.

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