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Post Properties Sells Atlanta Apartment Complex for $22.7M
(ATLANTA, GA) -- Investors once again are proving multi-family product is what may stand up best in the current recession with the $22.7 million sale today of the 206-unit Post Lenox Park in Atlanta.
The buyer was an entity formed by Greensboro, NC-based Steven D. Bell & Co., headed by Steven D. Bell.
The buyer paid about $110,194 per unit for the 15-year-old garden-style property located in the affluent Buckhead section of Atlanta. The average unit size is 964 square feet.
Post expects to report a gain of approximately $12 million relating to this sale.
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.
At the same time, Post is converting apartment units in two communities initially consisting of 349 units into for-sale condominium homes through a taxable REIT subsidiary.
The buyer was an entity formed by Greensboro, NC-based Steven D. Bell & Co., headed by Steven D. Bell.The buyer paid about $110,194 per unit for the 15-year-old garden-style property located in the affluent Buckhead section of Atlanta. The average unit size is 964 square feet.
Post expects to report a gain of approximately $12 million relating to this sale.
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.
Steven D. Bell
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).At the same time, Post 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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