TODAY’S DEALS: Post Continues $360M Disposition Plan with Atlanta MF Sale, and Other Transactions
- Dec 31, 2008
By Anuradha Kher, Online News Editor MHN and Barbra Murray, Contributing Editor, CPNAtlanta–In its third quarter earnings report issued last month, Post Properties Inc. noted that it would sell six assets with the hope of pocketing approximately $360 million. With the latest disposition of Post Lenox Park (pictured) in Atlanta, the company has one down, five more to go.Post Properties sold the 206-unit apartment community to an entity formed by Greensboro, N.C.-headquartered Steven D. Bell & Co. for $22.7 million. Developed in 1995, Post Lenox Park is a Class A, garden-style multifamily property located at 100 Lenox Park Circle in Atlanta’s tony Buckhead submarket. “Our acquisition strategy was to acquire a high-quality, exceptionally located asset in a market with strong long-term fundamentals,” Nickolay Bochilo, vice president with Bell, tells CPN. “We like the property’s close proximity to large employers as well as public transportation, MARTA.” A bevy of other hopeful investors took a shine to Post Lenox Park, too. “There was a lot of competition for the asset,” Bochilo notes. “Post Properties picked us because of execution and our ability to line up debt. The recent challenges in capital markets have had a positive impact on our ability to attractively structure the transaction from the debt and equity standpoint. We bring to the table certainty of closing.” Kislak Co. Completes Sale of 20-Unit Property for Over $1MPassaic, N.J.–The Kislak Co., Inc. recently completed the $1.275 million sale of 106 President St., a 20-unit multifamily building with one retail store in Passaic, N.J. Sales associate Robert Squires represented both the buyer, MLV Realty, and seller in this transaction.“Given the current lending conditions, it was essential for the purchaser to call on several financial institutions before choosing one that best fit his requirements,” says Rob Squires. “However, once the financing was obtained, the deal progressed smoothly. I believe that in today’s market, finding motivated buyers and sellers is the most important part of the transaction.”Located in downtown Passaic, N.J., the property is adjacent to a new Walgreen’s and a Home Depot. The new owner plans to update the units and make repairs to the building. Tenants pay their own heat. At the time of closing, the property was 100 percent occupied, which is a typical occupancy rate for Passaic.