The $3.9B acquisition of Post Properties by Mid-America Apartment Communities has created the nation's largest apartment REIT with about 105,000 units in 317 complexes. The majority of holdings are in the Sun Belt, with an emphasis on Texas. Memphis-based Mid-America Apartment Communities owned 20,390 units in Texas at the end of 2015, including multiple properties in Houston, Dallas, San Antonio and Austin.
“This merger redefines the combined company in terms of product, capability and capacity for consistent growth,” Post Properties CEO David Stockert (above) said in a release. MAA has primarily focused on suburban locations in secondary markets. The deal with Post will create a more diversified portfolio with a higher price point and infill properties.
MAA’s purchase of Post Properties, along with its $479M pipeline of apartments under construction, means property development will be a bigger part of “who we are,” MAA CEO Eric Bolton said on a call announcing the deal.
Post Properties is already well-known to Texans. In Houston, Post is a past owner of Rice Lofts and was involved in redevelopment of the historic Rice Hotel. It's developing Post Afton Oak Oaks in the Galleria area, a 388-unit, $80.7M project. Post has three other projects in the metro: Post 510, Houston Post Midtown Square and Post Apartment Homes.
In Dallas, Post has 15 assets, the majority in Uptown. Post also has three assets in Austin and a fourth underway: Post South Lamar, a 344-unit, $65.6M project.
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