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Post Properties Announces New Development in Tampa, Florida

ATLANTA, Nov. 21 /PRNewswire/ -- Post Properties, Inc. (NYSE: PPS) (the "Company"), the preeminent developer and operator of upscale multi-family apartment communities in the Southeast, today announced that it has begun construction on an additional phase of its highly successful Post Rocky Point(R) community in Tampa, Florida. The community currently contains 452 units which are 97% occupied and 100% leased. The new phase will contain 174 units built on 8.9 acres contiguous to the existing community. The first units are expected to be available for rental in third quarter 1997, with construction expected to be completed in second quarter 1998.

The new phase will consist of 83 one-bedroom, 78 two-bedroom, and 13 three-bedroom garden apartments. The one-bedroom units will range in size from 780 to 958 square feet; the two-bedroom units will range in size from 1,262 to 1,504 square feet; and the three-bedroom units will range in size from 1,565 to 1,647 square feet. The total cost of the project will be approximately $15 million, with financing provided for under the Company's revolving line of credit.

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.

SOURCE Post Properties, Inc.
 -0- 11/21/96

/CONTACT: Timothy A. Peterson or Karen E. Misuraca, Post Properties, 770-850-4400/


CO: Post Properties, Inc. ST: Georgia, Florida IN: SU:

KW -- ATTH017 -- 5581 11/21/96 16:32 EST
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Publication:PR Newswire
Date:Nov 21, 1996
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