Post Properties Closes On Sale Of Post Oak Apartment Community In Atlanta For $24 Million
Post Properties, Inc. (NYSE: PPS) announced today the closing of the sale of its Post Oak™ apartment community located in Atlanta, GA. Post sold the community for a gross sales price of approximately $24 million, through a Section 1031 exchange intermediary. The buyer was not disclosed.
Post Oak™ is a garden-style apartment community located in the Emory area of Atlanta and consists of 182 units with an average unit size of approximately 997 square feet. The community was completed in 1993.
Post also announced that Moody’s Investors Service recently raised the outlook for the Baa3 senior unsecured debt and Ba1 preferred stock ratings of Post Properties, Inc. and Post Apartment Homes, LP to positive, from stable. The rating agency cited improvement in the Company’s credit metrics and improved diversification in its apartment portfolio.
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