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TAMPA, FL-Post Properties Inc. has acquired its fourth multifamily asset in the Tampa Bay market with the $23.3-million purchase of Bay Club, a nine-year-old, 150-unit property at 2600 North Rocky Point Dr. in the center of Tampa. The acquisition price equates to $155,333 per unit. The property will be renamed Post Bay.

David P. Stockert, president and CEO of the Atlanta-based developer, says Post plans to finance the acquisition as part of a tax-deferred, like-kind exchange transaction with the proceeds expected from the sale of an Atlanta apartment community. He adds that Post Bay "allows us to further build our brand in Tampa Bay with a high-quality, well-located asset. This is the type of community we seek as we redeploy capital from the sale of assets."

Stockert says Post plans to spend about $2.5 million in closing costs, brokerage commissions and total renovations. He says Post will continue to operate the property as an apartment community even though the previous owner had planned to convert the units to condominiums. The apartments are largely vacant as the renovations are at the one-third completion mark, he says.