And there are more changes afoot; Post Properties plans to spend about $2 million on upgrades at the site. The acquisition deal involved Post Properties' assumption of a $47-million mortgage debt on the property. JM Zell Partners Ltd. brokered the deal, acting on behalf of both Post Properties, and the seller, Alder Branch Lincoln LLC.

Situated at 1526 Lincoln Circle, near Route 66 and I-495, Post Tysons Corner occupies a 16-acre parcel in the highly coveted Tysons Corner submarket. Dwellers of the property, which boasted an occupancy level of 98% at the time of the transaction, have the added benefit of being strategically located near two of the Washington, DC area's prime shopping destinations, Tysons Galleria and Tysons Corner Center. The 14-year-old property offers such extras as a fitness center, tennis and basketball courts, a swimming pool and covered parking.

"Post Tysons Corner offers us the potential opportunity to redevelop certain of the low density garden style apartments as higher density buildings," Post Properties executive vice president and chief financial officer Tom Senkbeil notes. "Post Tysons Corner is a solid investment in a supply constrained infill location. Because of the desire of residents, government entities and employers for increased housing availability in urban centers, the potential for redevelopment of this asset affords Post the opportunity to create additional value for our shareholders."