The locally based garden apartment developer has sold the 432-unit Post Hackberry Creek apartments in the Las Colinas section of Dallas and the 403-unit Post Roosevelt Square apartments with 11,400 sf of retail in Downtown Phoenix.
Post plans to sell a total of 11 properties comprising 5,176 units for about $350 million. The REIT already has left the Austin, TX, Pasadena, CA and Phoenix markets and is lessening its presence in Dallas and Atlanta. Post wants to concentrate in fewer cities "where the company can achieve operating efficiencies and leverage the Post brand," the company says in a prepared statement.
In an unrelated transaction, Post obtained a $17-million, five-year mortgage loan from an undisclosed lender on its Post Biltmore apartments in Atlanta. The loan carries a 4.04% interest rate and matures on Dec. 10, 2008. Post Biltmore is jointly owned by Post Properties and the New York State Common Retirement Fund.
A deal by L. Barry Teague, a former Post director, to buy a 166-unit apartment building here has fallen through, the company reports. Post has placed the property on the market and expects to find a buyer within the next four months.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
