Rents, revenue up at Post Properties
Post Properties, the Atlanta-based apartment owner, saw monthly rents rise 2.3 percent during the first quarter of 2014 as occupancy remained flat, at 95.4 percent.
On average, company apartments now rent for $1,380 a month, and $1,301 a month at its properties in Atlanta.
Post is putting three complexes in Houston and New York on the market, and is planning five developments on land it owns. The company has 1,620 units in five apartment complexes already under construction.
Total revenues rose 8.3 percent in the first quarter, to $93.5 million, the company announced Monday. Post’s net income available to common shareholders of $13.3 million was a 31.4 percent decrease from the first quarter of 2013.
The decrease largely stems from a reduction in condo units sold. In the first quarter, Post closed the sale of its final available unit at the 126-unit Ritz-Carlton Residences in Buckhead.
About the Author
Arielle Kass covers Gwinnett County for The Atlanta Journal-Constitution. She started at the paper in 2010, and has covered business and local government beats around metro Atlanta. Arielle is a graduate of Emory University.
