Learning Center
Plans & pricing Sign in
Sign Out

Post Properties Announces the Development of Post Lake® at Baldwin Park, Phase III and Post Parkside™ at Wade, Phase I


ATLANTA--(EON: Enhanced Online News)--Development of Post Lake at Baldwin Park, Phase III and Post Parkside at Wade a style='font-size: 10px; color: maroon;' href='htt

More Info
									Post Properties Announces the Development of
Post Lake® at Baldwin Park, Phase III and Post
Parkside™ at Wade, Phase I 
June 01, 2011 05:04 PM Eastern Daylight Time 

ATLANTA--(EON: Enhanced Online News)--Post Properties, Inc. (NYSE: PPS) today announced the
commencement of development of Post Lake® at Baldwin Park, Phase III, consisting of 410 apartment units and
located in Orlando, FL, and Post Parkside™ at Wade, Phase I, consisting of 392 apartment units and 18,148 
square feet of retail space and located in Raleigh, NC. The total estimated development cost of the two projects is
approximately $113.6 million, and the Company currently expects the stabilized yield on the projects to average
approximately 7.0%, after a 3% management fee and $300 per unit reserve, and based on current market rents,
without trending. The Company currently expects to fund future estimated construction expenditures primarily by
utilizing available borrowings under its unsecured revolving lines of credit and proceeds under its at-the-market
common equity sales program.

Post Lake® at Baldwin Park, Phase III

Post Lake® at Baldwin Park, Phase III is located in the desirable Baldwin Park mixed-use community in Orlando.
The Baldwin Park community consists of single-family homes, townhomes and condominiums, retail shops, office
space and an array of neighborhood amenities. Post acquired the 350-unit Phases I and II of Post Lake® at
Baldwin Park in 2007, along with lake-front land that is the subject of today’s development announcement. The
Phase III development is planned to comprise an additional 410 apartment units with an average unit size of
approximately 960 square feet. Construction 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

Post Parkside™ at Wade, Phase I is located in Raleigh, at the intersection of I-40 and Wade Avenue near NC
State University, the Research Triangle Park, Raleigh-Durham International Airport, and the Town of Cary. The
project is part of the Wade mixed-use community, which currently consist of 200,000 square feet of Class-A office
space developed and owned by Lichtin Corporation, 307 planned single-family homes and townhomes being
developed by Lennar Corp. (NYSE: LEN) and a town square park. Future plans for the Wade community include
an additional 300,000 square feet of office and a 300-room hotel to be developed by third parties, along with
additional retail space and multifamily apartment units that may be developed in future years by Post. The Post
Parkside™ at Wade, Phase I development is planned to comprise 392 apartment units with an average unit size of 
907 square feet, and 18,148 square feet of retail space, fronting on the town square park. Construction is expected
to commence by the fourth quarter of 2011, with first apartment unit deliveries expected by the fourth quarter of

About Post Properties

Post Properties, founded 40 years ago, is a leading developer and operator of upscale multifamily communities. The
Company’s mission is delivering superior satisfaction and value to its residents, associates, and investors, with a
vision of being the first choice in quality multifamily living. Operating as a real estate investment trust (“REIT”), the
Company focuses on developing and managing Post® branded resort-style garden and high density urban
apartments. Post Properties is headquartered in Atlanta, Georgia, and has operations in ten markets across the

Post Properties owns interests in 21,431 apartment units in 57 communities, including 1,747 apartment units in five
communities held in unconsolidated entities and 1,568 apartment units in five communities currently under
development. The Company is also selling luxury for-sale condominium homes in two communities through a taxable
REIT subsidiary.

Forward-Looking Statement

Certain statements made in this press release and other written or oral statements made by or on behalf of the
Company, may constitute "forward-looking statements" within the meaning of the federal securities laws. Statements
regarding future events and developments and the Company's future performance, as well as management's
expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the
meaning of these laws. In particular, statements in this press release regarding total estimated development costs, the
average stabilized yield on development projects and the timing of development projects are forward-looking
statements. All forward-looking statements are subject to certain risks and uncertainties that could cause actual
events to differ materially from those projected. Management believes that these forward-looking statements are
reasonable; however, you should not place undue reliance on such statements. These statements are based on
current expectations and speak only as of the date of such statements. There are a number of important factors that
could cause the Company's actual results and its expectations to differ materially from those described in the
Company's forward-looking statements, including those included under the caption "Risk Factors" in the Company's
Annual Report on Form 10-K for the year ended December 31, 2010, and as may be discussed in subsequent
filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or
revise any forward-looking statement, whether as a result of future events, new information or otherwise.

Post Properties, Inc.
David P. Stockert, 404-846-5000

To top