AUSTIN, TX-Post Properties is moving forward with a 298-unit apartment property just south of downtown. The project, dubbed Post South Lamar, has a development cost of $41.7 million, according to the REIT’s filings with the SEC. The Atlanta-based company, which celebrates its 40^th anniversary this year, plans to fund construction expenses primarily through its lines of credit and proceeds from its at-the-market common equity sales program.

Post South Lamar is situated on four acres on S. Lamar Boulevard about one mile south of Riverside Drive. It offers four stories of residential above a podium with roughly 8,555 square feet of street-level retail space and structured parking, according to David Ward, executive vice president of Post Properties.

“Austin continues to be a dynamic market with a tremendous job growth outlook,” Ward tells GlobeSt.com, adding that local developer Ardent Residential provided pre-development services on the project for Post Properties. “The fundamentals for multifamily look very strong due to limited new supply in the near term.”