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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