Post Properties Sells Post Lenox Park® in Atlanta for $22.7 Million
30 Dicembre 2008 - 5:09PM
Business Wire
Post Properties, Inc. (NYSE: PPS) announced today the sale of its
Post Lenox Park� apartment community located in Atlanta, GA for a
gross sales price of approximately $22.7 million, net of escrow
reserves to the buyer. Post Lenox Park� is a garden-style apartment
community located in the Buckhead area of Atlanta and consists of
206 units with an average unit size of approximately 964 square
feet. The community was completed in 1995. The buyer was an entity
formed by Greensboro, NC based Steven D. Bell & Company. Post
expects to report a gain of approximately $12 million relating to
this sale. Certain statements made in this press release and other
written or oral statements made by or on behalf of the Company, may
constitute "forward-looking statements" within the meaning of the
federal securities laws. Statements regarding future events and
developments and the Company's future performance, as well as
management's expectations, beliefs, plans, estimates or projections
relating to the future, are forward-looking statements within the
meaning of these laws. Examples of such statements in this press
release include expectations with respect to the gain on sale of
Post Lenox Park�. All forward-looking statements are subject to
certain risks and uncertainties that could cause actual events to
differ materially from those projected, including the risk factors
included under the caption "Risk Factors" in the Company's Annual
Report on Form 10-K dated December 31, 2007, as amended, which are
specifically incorporated by reference into this press release.
Management believes that these forward-looking statements are
reasonable; however, you should not place undue reliance on such
statements. These statements are based on current expectations and
speak only as of the date of such statements. The Company
undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of future events,
new information or otherwise. Post Properties, founded more than 36
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 ten markets across the
country. Post Properties owns 21,190 apartment homes in 58
communities, including 1,747 apartment units in five communities
held in unconsolidated entities and 1,736 apartment units in five
communities currently under construction and/or in lease-up. The
Company is also developing and selling 506 for-sale condominium
homes in four communities (including 129 units in one community
held in an unconsolidated entity) and is converting apartment units
in two communities initially consisting of 349 units into for-sale
condominium homes through a taxable REIT subsidiary.
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