Post Makes First Move Outside of Texas with 403-Unit Apartment Purchase in Louisiana
- Oct 19, 2010
Los Angeles–Post Investment Group Inc. has just made its first multifamily investment beyond the borders of the Lone Star State with the acquisition of Quail Creek Apartments, a 403-unit residential community in Shreveport, La.
Quail Creek, located at 1017 Quail Creek Rd., is a Class B property that was originally developed in 1975. The acquisition of the apartment community not only expands Post’s multifamily portfolio outside of Texas, it also marks the real estate investment firm’s first acquisition of a non-distressed property this year.
“Post is actively looking to expand both our core-stabilized and distressed acquisition platforms by identifying strategic assets in fundamentally sound markets,” Scott Pickett, director of acquisitions for Post, noted in a statement. “Post is in the process of evaluating new markets that exhibit strong economic and operational metrics as well as transactional volume and clarity. In addition to furthering our foothold in Texas, we are currently exploring markets such as Colorado and California and potentially Arizona and Florida.”
Beyond geographic expansion, Post is making other new moves this year. The company is creating a new development arm that will commence construction on its inaugural developments in December.