Post Sells Apartment Community for $22M

ATLANTA-Locally based Post Properties has sold its 206-unit Post Lenox Park apartment community to a Steven D. Bell & Co.-sponsored ownership group for $22.7 million. The property at 100 Lenox Park Circle is expected to bring a gain of $12 million to Post, which owns 21,190 apartment homes in 58 communities. CB Richard Ellis represented the seller in the transaction and worked to secure $17.5 million of financing through Freddie Mac for the buyer.

Lenox Park, built in 1995 in the affluent Buckhead area of Atlanta, is 90% occupied with average rental rates of $1,100 per month, says Nickolay Bochilo, vice president with Steven D. Bell & Co. The property consists of six three-story buildings as well as a clubhouse, swimming pool, fitness center, business center, lighted tennis court, laundry center, lake and two parking garages containing 11 detached garages. “Challenges in capital markets had a positive impact on our ability to attractively structure the transaction from the debt and equity standpoint,” explains Bochilo.

The Greensboro, NC-based buyer purchased the property in accordance with its strategy to acquire high-quality, exceptionally located assets with long-term appreciation potential in markets with strong fundamentals, Bochilo tells GlobeSt.com. The property’s proximity to large employers such as AT&T and the American Cancer Society, along with a MARTA train station within walking distance, attracted Steven D. Bell & Co. to the deal.