PPS Post Properties, Inc. (delisted)

Post Properties, Inc. (NYSE: PPS) today announced the acquisition of Bay Club, a 150-unit apartment community in the heart of Tampa, Florida, initially developed in 1997. Post acquired the property for a purchase price of approximately $23.3 million and expects to finance the acquisition as part of a tax-deferred like-kind exchange transaction with the proceeds expected from the sale of an Atlanta apartment community. The community will be Post�s fourth in the Tampa Bay market. Located at 2600 North Rocky Point Drive, the community will be renamed Post Bay at Rocky Point�. �The purchase of Post Bay at Rocky Point allows us to further build our brand in Tampa Bay with a high-quality, well located asset,� said David P. Stockert, CEO and president of Post. �This is the type of community we seek as we redeploy capital from the sale of assets.� Under previous ownership, the community was to have been converted to condominiums and is predominantly vacant while undergoing an extensive renovation. Approximately fifty apartment homes have been substantially renovated to date.�Post plans to complete the renovation of all 150 units, and plans to lease up the community as apartment homes are completed. The homes will have a variety of luxury amenities, including nine-foot ceilings, new flooring, granite countertops, crown molding, built-in bookshelves, screened patios or balconies, oversized garden tubs and full-size washers and dryers. Post plans to spend approximately $2.5 million in closing costs, brokerage commissions, and other amounts it intends to spend to complete the renovation of the property. Post intends to operate the property as an apartment community. Post Bay at Rocky Point� is a short drive from Tampa International Airport, Tampa�s upscale shopping malls, International Plaza and Westshore Plaza, and the Westshore Business District, the largest employment center in the area, including nearly seven million square feet of office space. The community offers a resort-style swimming pool, a newly renovated clubhouse, and a walkway and gazebo along Old Tampa Bay�s seawall. A fitness center is also planned. More than half of the apartment homes at Post Bay at Rocky Point� offer views of Old Tampa Bay. The average home size is approximately 936 square feet. 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� 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 nine markets across the country. Post Properties owns 21,872 apartment homes in 62 communities, including 545 apartment units in two communities held in unconsolidated entities, 512 apartment units in two communities currently under construction and 150 apartment units in lease up. 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. Post Properties, Inc. (NYSE: PPS) today announced the acquisition of Bay Club, a 150-unit apartment community in the heart of Tampa, Florida, initially developed in 1997. Post acquired the property for a purchase price of approximately $23.3 million and expects to finance the acquisition as part of a tax-deferred like-kind exchange transaction with the proceeds expected from the sale of an Atlanta apartment community. The community will be Post's fourth in the Tampa Bay market. Located at 2600 North Rocky Point Drive, the community will be renamed Post Bay at Rocky Point(TM). "The purchase of Post Bay at Rocky Point allows us to further build our brand in Tampa Bay with a high-quality, well located asset," said David P. Stockert, CEO and president of Post. "This is the type of community we seek as we redeploy capital from the sale of assets." Under previous ownership, the community was to have been converted to condominiums and is predominantly vacant while undergoing an extensive renovation. Approximately fifty apartment homes have been substantially renovated to date. Post plans to complete the renovation of all 150 units, and plans to lease up the community as apartment homes are completed. The homes will have a variety of luxury amenities, including nine-foot ceilings, new flooring, granite countertops, crown molding, built-in bookshelves, screened patios or balconies, oversized garden tubs and full-size washers and dryers. Post plans to spend approximately $2.5 million in closing costs, brokerage commissions, and other amounts it intends to spend to complete the renovation of the property. Post intends to operate the property as an apartment community. Post Bay at Rocky Point(TM) is a short drive from Tampa International Airport, Tampa's upscale shopping malls, International Plaza and Westshore Plaza, and the Westshore Business District, the largest employment center in the area, including nearly seven million square feet of office space. The community offers a resort-style swimming pool, a newly renovated clubhouse, and a walkway and gazebo along Old Tampa Bay's seawall. A fitness center is also planned. More than half of the apartment homes at Post Bay at Rocky Point(TM) offer views of Old Tampa Bay. The average home size is approximately 936 square feet. 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 nine markets across the country. Post Properties owns 21,872 apartment homes in 62 communities, including 545 apartment units in two communities held in unconsolidated entities, 512 apartment units in two communities currently under construction and 150 apartment units in lease up. 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.