Saturday, June 1, 2013

Post Properties Announces Acquisition of Orlando, FL Luxury Apartment Community



         Crosswater at Lakeside Village apartments, Windermere, FL


ATLANTA, GA--(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.

For a complete copy of the company’s news release, please contact:

Post Properties, Inc.

Chris Papa, 404-846-5000

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