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POST PROPERTIES ENTERS GROUND LEASE WITH CITY OF ATLANTA

 ATLANTA, Dec. 30 /PRNewswire/ -- Post Properties, Inc. (NYSE: PPS) (the "Company") announced that it has today entered into a ground lease with the City of Atlanta on a 3.5-acre site contiguous with its Post Renaissance(R) community on which it will build a 117-unit second phase.
 Construction is scheduled to begin immediately, and to be completed in September 1994. Leasing activity will commence in July 1994. The community will contain a mix of one-, two- and three-bedroom apartments over covered parking. The total cost of the project will be approximately $7 million with financing provided by Trust Company Bank of Georgia. The company also holds an option to lease an additional two acres on which an additional 96 units can be built. The first phase of Post Renaissance(R), which contains 225 units and was completed in 1993, is currently 98 percent leased.
 The company is one of the largest developers and operators of upscale multi-family apartment communities in the southeastern United States. The company operates as a self-administered and self-managed equity Real Estate Investment Trust whose primary business consists of developing and managing Post(R) brand name apartment communities for its own account. The current portfolio consists of 41 Post(R) multi-family apartment communities. These communities contain 14,270 apartment units located primarily in metropolitan Atlanta and Tampa and Orlando, Fla.
 -0- 12/30/93
 /CONTACT: Timothy A. Peterson of Post Properties, 404-850-4400/
 (PPS)


CO: Post Properties, Inc.; City of Atlanta ST: Georgia IN: SU: RLE

BR-TG -- AT005 -- 8085 12/30/93 14:16 EST
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Publication:PR Newswire
Date:Dec 30, 1993
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