Post Properties Announces $74 Million Acquisition of Post South End™ in Charlotte, North Carolina
24 Luglio 2012 - 11:01PM
Business Wire
Post Properties, Inc. (NYSE: PPS) announced today the closing of
its acquisition of the 360-unit Post South End™ apartment
community. The community is located in the South End neighborhood
of Charlotte, at the Bland Street station on Charlotte’s Lynx Blue
Line, which provides light rail service to Charlotte’s major Uptown
employment center.
Post South End™ is LEED Silver certified, and was completed in
2009. The community has average unit sizes of 847 square feet and
is currently approximately 95% occupied. The community also
features 7,612 square feet of retail space that is 100% leased to
three restaurant/bar concepts.
The purchase price of the acquisition is $74 million, which the
Company funded with available cash. The Company currently expects
the yield over its first twelve months of ownership will be
approximately 5%, after a 3% management fee and $300 per unit
reserve.
Said Dave Stockert, CEO, “The Charlotte apartment market is
performing very well, and we are pleased to add a high-quality,
well-located community to the Post portfolio in that city. Post
South End™ provides access to transit and a mixed-use environment
that appeals to the young, educated professionals we look to
attract and retain as our residents.”
About Post Properties
Post Properties, founded more than 40 years ago, is a leading
developer and operator of upscale multifamily communities. 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. Post Properties is headquartered in Atlanta,
Georgia, and has operations in ten markets across the country.
Post Properties has interests in 21,982 apartment units in 59
communities, including 1,471 apartment units in four communities
held in unconsolidated entities and 1,810 apartment units in six
communities currently under development or in lease-up. The Company
is also selling luxury for-sale condominium homes in two
communities through a taxable REIT subsidiary.
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