Total build-out cost was $41 million or about $91,000 per unit. Post's prepared statement didn't indicate whether the New York Stock Exchange-traded REIT plans to sell the asset shortly. The 30-year-old company owns 33,000 apartment units in 95 communities nationwide, including 3,928 units under development.
Post Spring's location would make it an ideal selling asset for a buyer planning a portfolio mix of office, retail and multifamily, Atlanta area brokers tell GlobeSt.com on condition of anonymity. The apartments are minutes from 10 million sf of office space, including the adjacent global headquarters of Home Depot Inc. and the regional offices of AT&T, IBM, Worldspan, Coca-Cola Enterprises and Georgia-Pacific.
The Cobb Galleria Convention Centre and the 1.2 million sf Cumberland Mall are nearby as are Hartsfield International Atlanta Airport and Downtown Atlanta.
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