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Post Properties, NY State Retirement Fund to Develop Southern California Complex

ATLANTA-Post Properties and the New York State Common Retirement Fund put the finishing touches on a $75 million joint venture to develop Post's first apartment complex venture in Southern California.

By Mark Clothier | Updated on November 27, 2001

ATLANTA – Post Properties Inc. and the New York State Common Retirement Fund have closed on a $75 million joint venture to develop a 387-unit apartment complex in Pasadena, CA. The project is Post’s first venture in Southern California, said Janie Maddox, senior vice president of Post Properties.

Under the terms of the venture, Post will contribute $26.25 million, or 35% of the equity; the New York state fund will contribute $48.75 million, or 65%. Post will manage the operations of the development and provide property development and leasing services.

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