ATLANTA — Post Properties Inc. has formed a joint venture with the New York State Common Retirement Fund that will initially oversee two Post apartment communities under development in Atlanta. Post Biltmore and Post Peachtree, which have a combined 397 units and a total development cost of $67 million, are the two communities.

Under the terms of the partnership, Atlanta-based Post will contribute 35% of the equity, while the retirement fund will contribute approximately 65%. The venture is expected to be financed with about 50% to 60% leverage. Post will manage the operations of the fund and will provide property development and leasing services. The parties anticipate developing other apartment complexes as part of the joint venture.

Post Biltmore is a 276-unit complex under construction in Atlanta’s Midtown area, and Post Peachtree is a 121-unit high-rise community under construction in the city’s Buckhead district.