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Post Sheds Clearwater Apartments for $16M

CLEARWATER, FL-An affiliate of Internacional Realty Inc. paid the Atlanta developer $70,175 per unit for the 11-year-old, 228-unit Post Court complex. Estimated replacement cost is at least $90 per sf, construction industry sources tell GlobeSt.com.

By Alex Finkelstein | Updated on March 15, 2002

CLEARWATER, FL-Following a year-long program of divesting selected multifamily product, Atlanta-based Post Properties Inc. has sold its 11-year-old, 228-unit Post Court complex here to an unidentified affiliate of San Antonio, TX-based Internactional Realty Inc. for $16 million or $70,175 per sf.

Construction industry estimators tell GlobeSt.com the replacement cost for a comparable property today would be at least $90,000 per unit. In a prepared statement, Post didn’t disclose the occupancy or rent range at Post Court.

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