Post Properties Announces Development of Buckhead Luxury High-Rise Acquisition of Houston Development Site Initial Stabilizat...
30 Maggio 2013 - 11:27PM
Business Wire
Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate
investment trust, announced today that it has commenced the
development of its Post Alexander™, phase II, luxury high-rise
community, located in the Buckhead submarket of Atlanta. The
project will include 340 units, with an average size of 830 square
feet, on 19 residential floors, built over seven levels of parking,
with rents averaging approximately $1,790 per month. The project’s
luxury apartments will be complemented by amenities that include a
roof-top terrace and elevated pool deck, fully-equipped fitness
center and clubroom. The project is located adjacent to Phipps
Plaza and near Lenox Square®, two of the Southeast’s leading
high-end shopping venues, and benefits from proximity to the
Buckhead commercial office district and high-end Buckhead and
Brookhaven residential neighborhoods.
The project’s total cost is expected to be $75.5 million, and
the Company estimates that its unlevered, stabilized yield on cost
will be 6 percent, after adjusting for a 3 percent management fee
and $300 per unit replacement reserves. The Company expects to fund
the project out of its available cash balances, operating cash flow
and borrowings, as needed, under its unsecured lines of credit. The
Company expects to break ground on the project in the next several
months.
The Company also announced today the acquisition of a 3.9-acre
development site, located at the intersection of Richmond Avenue
and Loop 610 in the Galleria submarket of Houston, where the
Company expects to be able to develop approximately 390 luxury
apartment units. The purchase price of the site was $13.1 million,
which was funded out of available cash balances.
Finally, the Company announced today that its 124-unit Post
Midtown Square®, phase III development, located in Houston, and
298-unit Post South Lamar™ development, located in Austin, have
each achieved at least 95 percent apartment leasing.
Said Dave Stockert, Post’s CEO, “Creating value, by developing
exciting new communities, is one of the most important drivers of
our business. Today’s announcements reflect our focus on creating
high-quality, well-appointed apartment homes, located in the places
our customers want to be.”
About Post Properties
Post Properties, Inc., 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 high density urban and resort-style
garden apartments. Post Properties is headquartered in Atlanta,
Georgia, and has operations in ten markets across the country.
Post Properties has interests in 22,558 apartment units in 60
communities, including 1,471 apartment units in four communities
held in unconsolidated entities and 1,964 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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