Post Properties Breaks Ground on New Luxury Buckhead Apartment Community; Post Alexander(TM) to Add 307 Homes to Atlanta-based
28 Aprile 2006 - 2:30PM
Business Wire
Post Properties, Inc. (NYSE: PPS) today announced that it has begun
construction on a new luxury apartment community adjacent to Phipps
Plaza in Atlanta's Buckhead district. The residential development
will be known as Post Alexander(TM) and is located near Phipps
Boulevard and the Buckhead Loop on Alexander Circle. "We believe
that this is one of the best remaining residential development
sites in Buckhead, and the luxury apartment homes we're planning
will match the quality of the site," said David Stockert, Post
Properties' President and CEO. "Like our other in-town Atlanta
communities, this property is expected to not only provide value
for our shareholders, but also enhance the Post(R) brand in the
intown neighborhoods that offer the lifestyle and amenities most
attractive to our residents." The mid-rise community will be
comprised of 307 one-, two- and three-bedroom apartment homes in a
five-story building with two levels of controlled-access parking.
The community will contain approximately 300,000 square feet of
residential space. Post expects to deliver the first apartment
homes in the first quarter of 2008. The development's estimated
cost of construction is approximately $62 million. In addition to
the myriad live-work-play opportunities afforded by its location
near Phipps Plaza and Lenox Mall, residents of Post Alexander(TM)
will also enjoy a variety of high-end community amenities,
including a large landscaped courtyard, a resort size pool, a club
room, controlled-access parking and a well-appointed library and
business center. Homes in the new community will feature a
collection of luxury finishes, including hardwood and ceramic tile
floors, granite countertops and premium appliances. The homes will
range in size from approximately 530 to 1,500 square feet; the
average size will be nearly 1,000 square feet. Post Alexander(TM)
is the company's first new start in Atlanta in several years. The
community will join several existing and planned Post(R)
communities in the heart of Buckhead. Post Stratford(TM) is less
than a quarter mile from Post Alexander(TM), and the company also
has plans to develop high-end condos in a partnership with Pope
& Land, Duke Realty and Novare Group at a site on Peachtree
Road just north of Phipps Plaza. "We believe the Buckhead submarket
will continue to draw multi-family renters and buyers as it grows
into a true high-end live-work-walk community," said Tom Senkbeil,
Post's executive vice president and chief investment officer. "As
existing rental units have been converted to condominiums
throughout Atlanta, we saw an exciting opportunity to create a
luxury for-rent community in one of the best infill locations in
Atlanta." Post Properties, founded more than 30 years ago, is one
of the largest developers and operators of upscale multifamily
communities in the United States. The Company's mission is
delivering superior satisfaction and value to its residents,
associates, and investors, with a vision of being the first choice
in quality multifamily living. Operating as a real estate
investment trust (REIT), the Company focuses on developing and
managing Post(R) branded resort-style garden and high density urban
apartments. In addition, the Company develops high-quality
condominiums and converts existing apartments to for-sale
multifamily communities. Post Properties is headquartered in
Atlanta, Georgia, and has operations in 10 markets across the
country. Post Properties owns 22,057 apartment homes in 61
communities, including 545 apartment homes in two communities held
in unconsolidated entities and 512 apartment units in two
communities currently under construction. The Company is also
developing 230 for-sale condominium homes and is converting 597
apartment units in four communities (including 121 units in one
community held in an unconsolidated entity) into for-sale
condominium homes through a taxable REIT subsidiary.
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