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.
Post Alexander™, phase II, luxury high-rise community, located in the Buckhead submarket of Atlanta. 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.
Post Properties, Inc., founded more than 40 years ago, is a leading developer and operator of upscale multifamily communities. The Company’s mission is delivering superior satisfaction and value to its residents, associates, and investors, with a vision of being the first choice in quality multifamily living. Operating as a real estate investment trust (“REIT”), the Company focuses on developing and managing Post® branded high density urban and resort-style garden apartments. Post Properties is headquartered in Atlanta, Georgia, and has operations in ten markets across the country.
Post Properties has interests in 22,558 apartment units in 60 communities, including 1,471 apartment units in four communities held in unconsolidated entities and 1,964 apartment units in six communities currently under development or in lease-up. The Company is also selling luxury for-sale condominium homes in two communities through a taxable REIT subsidiary.