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 underin 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 andservices. The parties anticipate developing other apartment complexes as part of the joint venture.
Post Biltmore is a 276-unit complex underin Atlanta’s Midtown area, and Post Peachtree is a 121-unit high-rise community under construction in the city’s Buckhead district.