The 434-unit Post Ridge complex in Atlanta sold for $44.8 million, or more than $103,000 per unit. Atlanta-based Centennial Holding Co. LLC bought the 11-year-old apartments, with CB Richard Ellis brokering the transaction.
Also, the 384-unit Post Forest apartments in Fairfax were sold for $57.5 million, or $158,000 per unit, to an entity affiliate of New York-based Pantzer Properties Inc. Holliday Fenoglio Fowler LP brokered the deal.
"Completing these two sales in a difficult transaction environment reflects the quality of the assets and the strength of the Post brand," David Stockert, the company's CEO and president, stated in a release. He noted that the net proceeds will be used to bolster Post's balance sheet and cash balances, enhancing its financial strength and flexibility through the current economic cycle.
Post owns nearly 20,000 apartments in 55 communities and nine markets nationwide. It is also developing 362 for-sale condominium homes in three citites and is converting 349 apartments in two others to condos through a taxable REIT subsidiary.
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