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Where should Post Properties go from here?
The Atlanta Journal-Constitution
Last week, Post Properties announced that it had not received any definitive offers to sell the development company.
That opens up the question of what will happen to the company that made its name developing Post Apartments landscaped with tulips.
The company has changed dramatically since 2001, the last full year that founder John Williams ran the Real Estate Investment Trust. He lost control of the company when certain board members decided to change management. He also failed a proxy fight in 2003.
Williams flirted with the idea of buying back the company at two different times in the past year. But after taking a hard look at the company, Williams, 65, decided he did not want to take on the challenge of owning and running Post Properties again.
The company is struggling financially, especially during the economic recession in the real estate industry. The price of a share of Post stock dropped to under $30 at Friday’s close.
What should Post Properties do to turn itself around?
And had John Williams been able to keep control of the company six years ago, do you think today’s outcome would have been different?
Your thoughts?
Column: John Williams finally lets go of Post Properties




DEL.ICIO.US

Comments
By midtowner
June 30, 2008 10:32 AM | Link to this
John Williams is a class act with a a business resume that speaks for itself. The fact that current management of Post Properties has turned down offers for the company, while running one of Atlanta’s largest real estate businesses into the ground is certainly worthy of mention in a busines news forum.
By Jones
June 30, 2008 12:28 PM | Link to this
I’ve lived in two different Post properties over the past 4 years, and I have definitely seen the quality of the apartments go down over the years.
I’ve had major problems over the past year at Post Dunwoody. The building is sinking into the ground, which is causing major structural damage. There are cracks all throughout the walls, as well as in the tile in the bathroom. Along with mold, etc that it brings it, it is also starting to bring in a large amoung of bugs. I’m not sure how they would fix the building without tearing it down.
Also in the past year, we had rats invade the entire building, chewing through hoses to dishwashers and getting into pantries. Post took about 6 weeks to replace the hoses to the dishwashers, so we were without dishwashers for a long time. This is just one of the many problems we have had.
Our lease is up in 3 months. We will NEVER move into a Post Property again. Post was very popular for about 30 years, but I think it is declining and will never be the same.
If you are thinking about moving - do NOT move into a Post Property!
By Cat
June 30, 2008 1:25 PM | Link to this
I don’t know the direction Post Properties will take, but I do hope they go under and take all their horrible employees with them. Hate to be that cruel, but let’s just say I got royally screwed by their management’s coniving ways. Trust me when I say I know I am not the only one to experience the horrible management, especially at Post Lindbergh. Little rats if you ask me. To say, the least, I would NEVER live at a Post Apartment again and I would NEVER reccommend it to someone else either.
By Soon to be ex-resident
June 30, 2008 1:49 PM | Link to this
I agree with the other comments. I don’t know what Post will do, but they had better improve their resident services ASAP and their prices. I have lived at Post Gardens for almost four years and have seen a major decline in svc during that time. PG has MAJOR moisture problems throughout the complex as a result of poor stucco construction. They need to quit building new properties and renovate the ones they already own! I mean, Post Alexander, really? There are 4-5 other Post properties within 2 miles of that location including one across the street!
For my part, I’ve had enough with the insane rates that Post charges and the poor service. I’m moving out in 2 months with plans to buy a house early next year.
By Reds
June 30, 2008 1:50 PM | Link to this
I live in a former Post property, and we’ve seen management change 3 times in the last 4 years. The buildings are still in good shape (built in the early 80’s), it’s the management that stinks.
By the finger
June 30, 2008 2:32 PM | Link to this
this ship was just about to hit the rocks before the captain jumped ship. the strategic management was self-absorbed when williams was there and it has continued to deteriorate due to having to bail out the massive bluders that williams created. it a couple years from now williams new company will also be crashing into the rocks.
By Those were the days
June 30, 2008 2:50 PM | Link to this
Twenty years ago Post properties were brimming with delicious cougars and this then-young buck was happy to let them catch him. Ah, good times.
By Satisfied
June 30, 2008 2:55 PM | Link to this
I lived at Post Biltmore for five years and, based on that experience, cannot say that any of the afore-mentioned issues ever arose there. I do feel the rents were high, but not unreasonably so. I had a great experience there and found the management to be prompt, courteous, and professional. That said, I am amazed that so much negativity exists on these boards. Doesn’t anyone ever say anything positive about anything or anyone?
By Those were the days
June 30, 2008 3:05 PM | Link to this
I thought my comments were positive. My experiences with Post and the cougar residents left me totally satisfied.
By haha
June 30, 2008 3:27 PM | Link to this
I sure hope the rats living on the property are not driving pick-ups!
By Dan
June 30, 2008 3:47 PM | Link to this
Love the wanna be pundits! Common sense would lead yu to believe that rental properties would be in good times if real estate was down..No? During the last few years when home ownership was at the highest % ever THEN rentals were struggling. They should be booming now, although home ownership is still quite high.
By Big Boy
June 30, 2008 3:56 PM | Link to this
It’s hard to know who to believe.I always thought that Williams was a visionary, but he missed it on Atlantic Station…so..hmm..time will tell. He’s a hot shot that’s for sure.
By Joeventures
June 30, 2008 5:09 PM | Link to this
Post could probably learn a few lessons on customer service from JMG. Back when I was an apartment dweller, the pretentiousness of Post’s property managers came across immediately when I was shopping around.
Several years ago, Post announced a commitment to New Urbanism. Their initial move into that world (on Northside Drive, near the Cobb Co line) was half-baked — it more resembled the Truman Show than a forward-thinking apartment complex.
Post would do well to recommit to NU, but more thoughtfully. The Post Biltmore complex is a much better starting point for good design.
Wherever possible, Post would also do well to build lots of units near MARTA stations. Their complex next to the North Springs station is a good example, though it’s too bad the neighborhood wouldn’t allow more than what’s there. That area could use a little retail that people could walk to.
By pdpmishap
June 30, 2008 5:24 PM | Link to this
I checked out Post Biltmore last week and wasn’t too impressed for the price. The unit I was shown was $1350/mon for a 1bdr and didn’t even have nicer ammenities than my old place in Duluth which was half as much. The room shaking when a Marta train ran underneath was too much. The condition of the building wasn’t great given the cost either.
I wound taking a unit in a nearby highrise for almost the same amount. Was planning on buying in Midtown but mba/mortgage/car was a bit much on a single salary right now and I prefer to stay flexible to change jobs at the right opportunity.
All managed properties have serious issues. My past experiences w/ Colonial Grand(Duluth) would make most people go postal. After having my car parked outside of my garage for the 1st time in 9 months of living here, I had it broken into in front of their broken security camera. Then after purchasing a new car, the recently repaired gates malfunctioned and closed on my 35k new car. They then refused to help me unless I re-signed my lease.
By reality check
June 30, 2008 5:59 PM | Link to this
And had John Williams been able to keep control of the company six years ago, do you think today’s outcome would have been different? Yes, with John in charge,Post would have been driven out of business 5 years ago.
By TEresa
June 30, 2008 6:10 PM | Link to this
I was at POST VALLEY from 2001 to 2007 until it was taken over by PARK VALLEY and THEY SUCK!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
By Pitbulls Running Wild
June 30, 2008 7:52 PM | Link to this
I lived at Post Canyon on Roswell Rd for over 3 years. From the time I moved in, it was all down hill. The property manager was nothing but an arrogant b!tch. There were pitbulls running around the complex off leash. I saw this all the time and complained to management. Their response: “Do you know what apartment the dog lives in?”. Unbelievable. I was harassed and cursed for preventing cars tailgating behind me through the security gate. And during the last 6 months I lived there, they jacked my rent up 40%. I wouldn’t live in a Post apartment even if it was free.
By Lee
June 30, 2008 7:59 PM | Link to this
Sounds like some of the properties were having section 8 problems, but I could be wrong…that just sounds like the tone of a couple of earlier posts … I’ve never lived in a Post property but an apartment is an apartment…yes their landscape is attractive, I’ll give ‘em that.
By suck it, jesus!
June 30, 2008 10:38 PM | Link to this
*williams has to be a self-absorbed arrogant tool. what other reason would there be to name your flagship development * * the mansion*
By Katie
July 1, 2008 5:47 AM | Link to this
The new projects?? Chateau getto. Post apartments are u-g-l-y!!!
By jeed
July 1, 2008 9:31 AM | Link to this
This is a sad outcome. I lived in Post Corners through 2004, it WAS a great, clean place.
By Welcome to Post Hood
July 1, 2008 7:13 PM | Link to this
They’ve gone ghetto… just like the rest of Atlanta.
By mark
July 2, 2008 10:15 AM | Link to this
post management should be sued by the shareholders for letting at least two offers from williams to buy the company get away over the past 2 years. these clowns have lost we shareholders hundreds of millions of dollars of value seeing the stock loose over 40% in value.
By shirley
July 30, 2008 1:51 PM | Link to this
Ha Ha! How funny are YOU! My dog bit the concrete and it was actually stirofoam!
By Mac
August 7, 2008 11:19 AM | Link to this
I just want to add to everyone’s comments about what a horrible management Post has. I have never had problems with my previous management and never thought that a management could be so deceitful. I’ve been living in a brand new Post Property for about two months, and it’s been a nightmare dealing with the management. They act nice to your face, but will do anything to suck money out of you and don’t give a flip about the tenants. I even contacted corporate, and they blew off the problems with the management. It all filters down from corporate. Please learn from everybody else’s mistakes and DON’T move into Post.