Post Properties, an Atlanta-based company whose apartment communities dot the metro, seems thrilled to be shedding its condo offerings. In a press release, Post said it bagged a 9.8-percent increase in revenue last year, up to $362 million. Last year, Post filled three new apartment communities while "substantially" exiting the condo business, the AJC reports. The cash flow will reportedly translate to a couple of things: The company will upgrade technology and spruce-up existing communities this year with fresh paint, which is always nice. And the future could hold bigger plans, too.
This year, Post also intends to sell some apartment complexes, using the money for — among other things — new development. We're wondering if this means we'll see a launch of the company's planned 19-story apartment tower in Buckhead, the second phase of the Post Alexander development. Last we heard, back in June, Post was planning to break ground on the 340-unit project last year. The tower would overlook Ga. Highway 400 and join thousands of other units under construction in the Buckhead submarket.
Post has projects in Buckhead already, including its Post Stratford and the Alexander's first phase. Across the metro, Post operates more than a dozen apartment communities from Chastain, to Emory, to Smyrna. The ones we're familiar with are hotspots for post-college poolside revelry.
· Post Adds Tower to 3,000 Planned Buckhead Apartments [Curbed Atlanta]
· Post Properties to spend on paint, technology [AJC]