Post Properties, a leading new urbanist developer

Post Properties, a leading new urbanist developer in the late 1990s, is constructing its first project in several years. Like many real estate investment trusts (REITs), Post saw its profits fall with the slow economy of the early part of this decade and pulled back from new development. Prior to that, the firm built the highly praised Addison Circle, Riverside, Pentagon Row (with Federal Realty Investment Trust), and other projects. Post, however, has held on to its urban properties while steadily selling the suburban garden apartment complexes that it built in previous decades. The firm has sold more than 10,000 suburban units in recent years, bringing its total apartment portfolio to just under 25,000 units in 66 communities nationwide. The new project includes 350 rental and for-sale units along with 20,000 square feet of ground floor retail in Carlyle, a new urban community in Alexandria, Virginia. Completion is expected in the first quarter of 2007.