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Post Properties Opens Houston Project Ahead of $4 Billion Merger with MMA

 

HOUSTON – Post Properties has opened its newest Texas community, the 388-unit Post at Afton Oaks. Located in the exclusive Afton Oaks neighborhood, the property serves as the company’s third Houston-area development and is set to offer one- and two-bedroom apartment homes available for move-in October 1, with monthly rental rates starting at $1200.

The $80.7 million community is located at 3131 West Loop South, about a block north of Richmond Avenue, on a site of an old Holiday Inn.

Post, a REIT based in Atlanta, is being acquired by Mid-America Apartment Communities, in a $4 billion deal that will create the nation’s biggest multifamily REIT.

When the deal is completed in the fourth quarter, the REIT bout 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 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 in August by the publicly traded REITs, is expected to close in the fourth quarter. The firm will then have a market cap of $17 billion.

Sept. 29, 2016 – Copyright 2016 Realty News Report

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