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Post Reaps $100M From Apartment Sales

ATLANTA-The properties here and in Virginia will generate a net gain of $54 million this quarter.

By Carl Cronan | Updated on July 24, 2009

ATLANTA-Locally based Post Properties Inc. says it grossed more than $100 million in the past week from the sale of two apartment communities here and in Fairfax, VA. The transactions are expected to contribute a net gain of $54 million to the REIT’s third-quarter results.

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.

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