Post Properties Announces Acquisition of Orlando Luxury Apartment Community Planned Disposition of Atlanta Apartment Community
31 Maggio 2013 - 12:17AM
Business Wire
Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate
investment trust, today announced the closing of its acquisition of
Crosswater at Lakeside Village, located in the affluent Windermere
submarket of Orlando, Florida. The 300-unit community, which has
been renamed Post Lakeside™, was recently completed in 2013, and is
in the late stages of its initial lease-up (currently 86 percent
leased). The community has units averaging 1,070 square feet, with
resort-style amenities oriented to maximize the impact of the lake
and associated conservation area. The community is also located
adjacent to a recently developed Publix-anchored shopping center,
providing walkable retail amenities to residents.
The purchase price of the community was $48.5 million, and was
paid out of the Company’s available cash balances. The Company
expects the first-year stabilized yield on its investment to be
approximately 5.2 percent, after deducting a 3 percent management
fee and $300 per unit replacement reserve.
In connection with this acquisition, the Company expects to
commence the sale of one of its older Atlanta apartment
communities, with the intent to complete a reverse like-kind
exchange. That sale and exchange is expected to be completed by the
fourth quarter of 2013.
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 22,858 apartment units in 61
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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