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Post Alexander Phase 2 Apartments, Buckhead, GA |
ATLANTA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE:
PPS), an Atlanta-based real estate investment trust, announced today that it
has commenced the development of its Post Alexander™, phase II, luxury
high-rise community, located in the Buckhead submarket of Atlanta.
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| Post Midtown Square Phase 3, Houston, TX |
The project will include 340 units, with an average size of
830 square feet, on 19 residential floors, built over seven levels of parking,
with rents averaging approximately $1,790 per month.
The project’s luxury apartments will be complemented by
amenities that include a roof-top terrace and elevated pool deck,
fully-equipped fitness center and clubroom.
The project is located adjacent to Phipps
Plaza and near Lenox Square®, two of the Southeast’s leading
high-end shopping venues, and benefits from proximity to the Buckhead
commercial office district and high-end Buckhead and Brookhaven residential
neighborhoods.
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| Post South Lamar Apartments, Austin, TX |
The project’s total cost is expected to be $75.5 million,
and the Company estimates that its unlevered, stabilized yield on cost will be
6 percent, after adjusting for a 3 percent management fee and $300 per unit
replacement reserves.
The Company expects to fund the project out of its available
cash balances, operating cash flow and borrowings, as needed, under its
unsecured lines of credit. The Company expects to break ground on the project
in the next several months.
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| Dave Stockert |
The Company also announced today the acquisition of a
3.9-acre development site, located at the intersection of Richmond Avenue and
Loop 610 in the Galleria submarket of Houston, where the Company expects
to be able to develop approximately 390 luxury apartment units. The purchase
price of the site was $13.1 million, which was funded out of available cash
balances.
Finally, the Company announced today that its 124-unit Post
Midtown Square®, phase III development, located in Houston, and 298-unit
Post South Lamar™ development, located in Austin, have each achieved at least
95 percent apartment leasing.
Said Dave Stockert, Post’s CEO, “Creating value, by
developing exciting new communities, is one of the most important drivers of
our business. Today’s announcements reflect our focus on creating high-quality,
well-appointed apartment homes, located in the places our customers want to
be.”
For a complete copy of the company’s news release, please
contact:
Post Properties, Inc.
Chris Papa, 404-846-5000
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