Post Properties to Deliver 242 Luxury Units on Richmond Avenue in 2013
- May 13, 2012
In conjunction with its first quarter earnings announcement, Post Properties made official its intent of developing a new Houston apartment community.
Located on the five-sided block surrounded by Richmond, Jack, Colquitt, Garrott and Milam, the apartment community has been dubbed Post Richmond Avenue. It will include 242 luxury apartments ranging in size from 633 to 1,284 square feet. Sixty percent of the units will have one bedroom and 40 percent two bedrooms, with an average rent of approximately $1.70 per square foot. The community will offer a fully enclosed garage within the perimeter of the development, and access will be restricted by secure key card.
With an estimated development cost of $34.3 million, the project is expected to net a stabilized yield of 6.65 percent, after a 3 percent management fee and $300 per unit reserve—based on current market rents, without trending.
According to an official statement, Post plans to fund future estimated construction expenditures primarily by utilizing available borrowings under its unsecured bank credit facilities, as well as proceeds from its ongoing condominium sales and its at-the-market common equity sales program.
The first units will most likely be delivered in the third quarter of 2013.
Post Properties, a leading developer and operator of upscale multifamily communities headquartered in Atlanta, focuses on developing and managing branded resort-style garden and high-density urban apartments. The company has interests in 21,622 apartment units in 58 communities, including 1,471 apartment units in four communities held in unconsolidated entities and 1,810 apartment units in six communities currently under development. Post Properties is also selling luxury condominium homes in two communities through a taxable REIT subsidiary.
Photo Credits: First Montrose Commons Neighborhood Association Newsletter