Post Properties Sells Post Oak(TM) in Atlanta for $24 Million; Moody's Raises Post's Outlook to Positive
22 Marzo 2007 - 10:30PM
Business Wire
Post Properties, Inc. (NYSE: PPS) announced today the closing of
the sale of its Post Oak� apartment community located in Atlanta,
GA. Post sold the community for a gross sales price of
approximately $24 million, through a Section 1031 exchange
intermediary. The buyer was not disclosed. Post Oak� is a
garden-style apartment community located in the Emory area of
Atlanta and consists of 182 units with an average unit size of
approximately 997 square feet. The community was completed in 1993.
Post also announced that Moody�s Investors Service recently raised
the outlook for the Baa3 senior unsecured debt and Ba1 preferred
stock ratings of Post Properties, Inc. and Post Apartment Homes, LP
to positive, from stable. The rating agency cited improvement in
the Company�s credit metrics and improved diversification in its
apartment portfolio. Post Properties, founded more than 35 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 21,563 apartment homes in 60
communities, including 545 apartment units in two communities held
in unconsolidated entities, 1,181 apartment units in four
communities (and the expansion of one community) currently under
construction and/or in lease-up. The Company is also developing 230
for-sale condominium homes in two communities and is converting
apartment units in three communities initially consisting of 470
units (including 121 units in one community held in an
unconsolidated entity) into for-sale condominium homes through a
taxable REIT subsidiary.
Grafico Azioni Post Properties (NYSE:PPS)
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Da Set 2024 a Ott 2024
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