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Post Sells Third-Party Management Subsidiary to Employees

ATLANTA-The sale is the second such sell-off this year. The price wasn't disclosed. Residential Asset Management Partners manages 8,400 apartment units in the Atlanta area.

By Mark Clothier | Updated on January 15, 2002

ATLANTA-Post Properties, Inc. has sold its wholly owned third-party management subsidiary, Residential Asset Management Partners, Inc. to employees of the subsidiary. The price wasn’t disclosed.

RAM Partners was formed in 1989. As of December 2001, the company managed 18,500 apartment units, 8,400 of which are in Atlanta, making it the seventh largest property management company in the city, according to published reports.

RAM Partners had $4.6 million in revenues in 2001 and managed 82 communities in 10 states. The company has 500 employees. In fourth quarter 2001 Post sold another subsidiary, Post Landscape Group, to three employees for an undisclosed price, according to Post’s prepared statement.

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