Message #1 From:
NewsBot Date: December 28, 2006 02:05:00 PM
PPS News Post Properties Sells Post Valley(R) and Post Summit(R) for Approximately $56.8 Million
ATLANTA--(BUSINESS WIRE)--Post Properties, Inc. (NYSE: PPS) announced today the closing of the
sale of its Post Valley® and Post Summit®
apartment communities located in Atlanta, GA. Post sold the two
communities for an approximate gross sales price of $56.8 million.
Built in 1988, Post Valley® is a garden style
community located in the Smyrna submarket of Atlanta, consisting of 496
units with an average unit size of approximately 780 square feet. Post
Summit®, originally built in 1990, is a garden
style community located in the Decatur submarket of Atlanta consisting
of 148 units with an average unit size of approximately 900 square feet.
Post Properties owns 21,745 apartment homes in 61 communities, including
545 apartment units in two communities held in unconsolidated entities,
and 1,181 apartment units in five communities (including the expansion
of one community) currently under construction, and/or in lease-up.
The Company is also developing 230 for-sale condominium homes and is
converting apartment homes in four communities initially consisting of
597 units (including 121 units in one community held in an
unconsolidated entity) into for-sale condominium homes through a taxable
REIT subsidiary.
