ATLANTA-Locally based Post Properties Inc. has sold the 496-unit Post Valley and 148-unit Post Summit apartment communities for $56.8 million.

Built in 1988, Post Valley is located at 4570 S Cobb Dr. SE in Smyrna. It is a garden-style community with an average unit size of approximately 780 sf. Built in 1990, Post Summit is located at 2778 North Decatur Rd. in Decatur. It is a garden-style community with an average unit size of 900 sf.

These are the latest sales in an investment sales market that has been strong in recent months. According to a Marcus & Millichap Q3 apartment market report, sales velocity over the past 12 months has increased by 48% compared with the preceding 12-month period. The median sales price is $55,769 per unit, up 4.9% from the median price at the end of 2005. Over the past year, investors experienced cap rates in the mid-7% range, down from the previous 12 months when cap rates were in the low- to mid-8% range, the report states.

In the Smyrna submarket, the apartment market is experiencing an 8.2% vacancy rate, a decrease of 80 basis points over the previous year. Effective rents have increased 3.1% over the year to an average of $740. The Decatur submarket is experiencing an 8.2% vacancy rate, down 130 basis points over the year. Effective rents are $729, a decrease of .5% over the year, according to the report.