Post Properties Calls Off Buyer Search

Atlanta– Atlanta-based multifamily builder Post Properties said this week that it had ended its five-month search for a buyer, the Atlanta Journal-Constitution said.”We conducted an open and thorough sales process, but conditions in the economy and the financial markets combined to produce a difficult transaction environment,” Post President and Chief Executive Officer David Stockert said in a release.Several potential buyers–large conglomerates, public and private multifamily companies, foreign capital providers and pension funds–expressed interest, but no one gave a final proposal, according to Post. Post Properties currently is developing 535 condominiums and owns 22,437 apartment homes in 62 communities.