Developer Announces Hurricane Damage Estimates in HoustonATLANTA, GA (Business Wire))-- Post Properties, Inc. (NYSE: PPS) has sold its Post Woods® apartment community (top right photo) located in Atlanta, GA for a gross sales price of approximately $52.8 million.
Post Woods® is a 494-unit garden-style apartment community located in the Cumberland/Vinings area of Atlanta that was completed in phases in the 1970’s and early 1980’s.
The buyer is BPG Investment Partnership VIII & VIIIA, L.P., a fully discretionary private equity fund operated by BPG Properties, Ltd.
Post expects to report a gain of approximately $37 million relating to this sale in the fourth quarter of 2008.
In addition, Post announced that it expects to report casualty losses of approximately $2.8 million in the third quarter of 2008 relating to preliminary estimates of the damage it sustained at its Houston, TX properties as a result of Hurricane Ike. The damage related primarily to roofing, windows, exterior siding, interior restoration and landscaping. CONTACT: Post Properties, Inc., Christopher Papa, 404-846-5028
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