Post Properties might soon sell two of its older Atlanta properties —- Post Oglethorpe in Brookhaven and Post Woods near Cumberland Mall in Cobb County.

Post has received letters of intent to purchase the complexes, the company told analysts this week.

"We have good interest in each asset, although there can be no assurance the sales will close as currently expected," David Stockert, president and chief executive officer, said at the meeting.

Post Oglethorpe, which opened in 1994 on Ashford-Dunwoody Road, has 250 units. Post Woods, on Post Woods Drive, is 25 years old and has 494 units.

Post would not disclose the potential purchasers but told analysts typical buyers "are midsize regional apartment investment companies partnered with pension funds."

Post owns 56 apartment complexes —- 22 of which are in the Atlanta area.

IN THE WORKS

The Hotel Indigo project downtown is still on track even though the site has been quiet for more than two months after demolition ended, said R.C. Patel, chairman and chief executive officer of Diplomat Cos.

Patel said the project is awaiting permit approval, which he hopes will come this month. Demolition finished in February, he said.

The Hotel Indigo is slated to be a boutique hotel with 155 rooms. It's next door to another boutique hotel, the Ellis, which opened last fall in the old Winecoff Hotel building at Ellis and Peachtree streets.

TRANSACTIONS

Overseas investors bought an office building in Kennesaw that's headquarters for Heidelberg U.S.A., a subsidiary of a German company that makes printing presses.

The buyer, GEM Kennesaw LLC, paid $22.3 million for the two-story 175,900-square-foot office building at 1000 Gutenberg Drive.

Falcon Real Estate Investment, a New York-based company that assists foreign investors, made the purchase on behalf of GEM. Falcon would not disclose the buyers' nationality.

The sale was a 1031 Exchange, which is a way for investors to defer paying capital gains taxes.

ABOUT THE MARKET

Atlanta will continue to attract out-of-state apartment buyers, according to Marcus & Millichap, a national real estate investment services firm with an office in Atlanta. "Out-of-state buyers, especially from California, will remain present," said John Leonard, regional manager of Marcus & Millichap's Atlanta office.

Some of the highlights of the report are:

> Atlanta's work force is predicted to grow by 22,200 positions this year, a 0.9 percent increase over 2007.

> Apartment developers are expected to bring approximately 3,400 units online this year.

> Vacancy is forecast to end the year at 8.6 percent, about the same as last year.

> Actual rents after concessions should increase 2 percent to $773 a month.

> During the past 12 months, properties have sold for a median price of $64,800 per unit, an increase of about 17 percent over the previous period.

TODAY'S BIG NUMBER: $60

In millions, what the 403-unit Addison Place apartment complex in Alpharetta is expected to sell for. The property is under contract to the Connor Group of Centerville, Ohio. The sale is scheduled to close next month.

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