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Post Buys Fourth Area Asset for $23M

TAMPA, FL-In a second unrelated multifamily transaction, Blue Rock Partners LLC pays the Realty Associates Fund IV $24.65 million for the 320-unit Polos at Brandon apartments in Riverview.

By Alex Finkelstein | Updated on October 09, 2006

(To read more on the multifamily market, click here.)

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.”

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