Mid-America Apartment Communities is acquiring Post Properties, creating the nation’s biggest apartment REIT and it will have significant multifamily holdings in Texas and other Sunbelt markets.
The $3.9 billion deal will create a multifamily REIT with about 105,000 multifamily units in 317 complexes in Atlanta, Dallas, Austin, Charlotte, Raleigh, Orlando, Tampa, Fort Worth, Houston and Washington, DC.
Memphis-based Mid-America Apartment Communities, in its most recent annual report, said it owned 20,390 units in Texas, including multiple properties in Houston, Dallas, San Antonio and Austin.
Atlanta-based Post already has a significant Texas multifamily portfolio.
In Houston, Post may be best known for its past ownership of the Rice Lofts, redevelopment of the historic Rice Hotel in downtown Houston.
Post is currently building the Post Afton Oaks located along the eastside side of Loop 610 just north of Richmond Avenue in Houston’s Galleria area. The project is being built on the site of a former Holiday Inn hotel. The new Post Afton Oaks is a 388-unit, $80.7 million project with initial occupancy expected in the third quarter. Post has three other existing projects in Houston.
Post has 15 apartment complexes in Dallas and three in Austin. Also in Austin, Post is developing Post South Lamar, a 344-unit, $65.6 million project that will have initial occupancy in early 2017.
The all-stock deal, announced this week by the publicly traded REITs, is expected to close in the fourth quarter. The firm will then have a market cap of $17 billion.
August 17, 2016 – Copyright 2016 Realty News Report