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Post To Swallow Prepayment Penalty To Sell, Even Though Its Atlanta Rents Among Best In US


Post Properties is selling three apartment communities in Atlanta. According to documents filed with the Securities and Exchange Commission, Post is marketing three projects that it owns a 25% stake in a JV with an undisclosed partner. The names of those projects were not disclosed either. "The sale of these three communities is currently expected to be completed by the end of the fourth quarter," officials state in documents. The pending sale will have Post paying a prepayment penalty of up to $1.3M on the loans. In its filing, Post also discloses that its Atlanta portfolio had the third-best rental rate performance in the past six months, a 4.1% rise from $1,382/month to $1,438/month, behind the percent rise in both Tampa and Orlando.