Post Properties, Inc. (PPS), a real estate investment trust, plans to invest $113.6 million for the development of two projects. The first project Post Lake at Baldwin Park, Phase III, located in Orlando consists of 410 apartment units with an average unit size of 960 square feet. The second project Post Parkside at Wade, Phase I, located in Raleigh comprises 392 apartment units with an average unit size of 907 square feet.
Post Properties expects to fund the development program by utilizing available borrowings under its unsecured revolving lines of credit and proceeds generated from its equity sales program.
Post Lake at Baldwin Park, Phase III is a mixed-use community in Orlando. The Baldwin Park community comprises single-family homes, town homes, condominiums, retail shops, office space and a range of neighborhood amenities, thus making it a valuable asset for Post Properties. The construction of phase III is expected to commence in the third quarter of 2011 with first apartment unit deliveries expected by the fourth quarter of 2012.
Post Parkside at Wade, Phase I located in Raleigh is also a mixed-used community, which consists of 200,000 square feet of Class-A office space, 307 planned single-family homes and town homes and a town square park. Along with the development undertaken by Post Properties, the Wade community includes the development of 300,000 square feet of office space and a 300-room hotel to be developed by a third party. The construction of phase I is expected to start in fourth quarter 2011 with first apartment unit deliveries expected by the fourth quarter of 2012.
Headquartered in Atlanta, Georgia, Post Properties is a leading developer and operator of premium multi-family communities. The main focus of the company is to provide resort style garden apartments and high density urban apartments to deliver superior satisfaction to its residents and investors.
Post Properties currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. We are also maintaining our long-term Neutral recommendation on the stock. One of its competitors, Equity Residential (EQR), currently retains a Zacks #3 Rank, which translates into a short-term Hold rating
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