Post Properties Announces Acquisition in Orlando's Baldwin Park

Post Properties (NYSE: PPS) today announced that it has acquired Centergate Baldwin Park apartments in Orlando, Fla. The community, to be renamed Post Lake® at Baldwin Park, includes 350 apartment homes in 17 buildings, interspersed throughout quaint streets that encircle the heart of the Village Center in Baldwin Park. The new community was completed in phases, with the first homes built in 2004 and the second phase completed in 2007 and currently in lease-up. Post purchased the community from affiliates of the Pritzker family. The 17 buildings are built in a variety of styles – including urban loft, town home, and garden styles – giving each building its own unique character and finishes relevant to its location in the community. The average unit size is 1,013 square feet and interior amenities in select units include granite countertops, stained concrete floors, maple cabinets, 12- to 19-foot ceilings, exposed ductwork, and stainless steel appliances. Post has also acquired a 13.5 acre site in Baldwin Park in a separate transaction for future residential development. The Company expects to fund a portion of its investment in Baldwin Park with the expected proceeds from the sale of two older, Atlanta-area communities. "We are confident that Baldwin Park will continue to grow and thrive in a way similar to our other mixed-use communities, including Addison Circle in Texas, Post Riverside® in Atlanta, Pentagon Row in Virginia, and Phillips Place in Charlotte,” said Tom Senkbeil, executive vice president and chief investment officer of Post. "This opportunity to purchase high-quality, class-A rental homes in a unique ‘main street’ environment close to downtown Orlando is an attractive one.” The 1,100-acre Baldwin Park is one of the nation’s preeminent new urbanist communities. In addition to approximately 4,300 residential units, it features a thriving town square where Post residents will enjoy vibrant shopping, class-A office space, fine dining, and convenience retail. At completion, a total of more than 1 million square feet of retail, civic and office space is planned. Recreational and cultural amenities abound, often focusing on the two lakes that are part of the community. More than 200 acres of parks and community centers with pools, meeting facilities, and fitness centers are available to residents. New elementary and middle schools, and a variety of housing choices and prices – including townhomes, single family homes, and for-rent apartments – draw a diverse mix of residents to the community. Baldwin Park features architecture reminiscent of pre-1940’s Central Florida. Friendly streetscapes define the residential areas. More than 50 miles of trails, wide sidewalks and well-marked bike paths make it pedestrian friendly. A commitment to careful planning, design, and development execution makes Baldwin Park one of the most recognized and honored new communities in America. Post Lake® at Baldwin Park is located in the Village Center, which is the heart of Baldwin Park. Artfully blended restaurants, a waterfront park, retail outlets (including Publix, CVS, Barnie’s Coffee & Tea), office, commercial and residential create a thriving mix of uses. At the edge of the Village Center at Lake Baldwin, landscaping is nearing completion for Harbor Park. This park will be a natural gathering space as people enjoy the gently-sloping lawn with boardwalk docks, bike racks, and access to the trails around the lake. By the end of 2007, 45,000 square feet of additional retail space is projected to be open for business to further enhance the Village Center experience. A little over two miles from downtown Orlando, Baldwin Park is also convenient to the city’s workplaces, restaurants, cultural attractions and entertainment and sports venues. Residents of Baldwin Park can easily commute to work downtown, dine out, attend a ballet, play, concert, or professional basketball game and be home in less than 15 minutes. Orlando International Airport is only eight miles away for convenient traveling, and Interstate 4, the East-West Expressway (408) and the GreeneWay (417) are easily accessible. The site that is now Baldwin Park has a long history of United States military service. From 1940, throughout World War II, and until 1968, the site was an Army Air Corps and Air Force base. In 1968, that base became the Orlando Naval Training Center (ONTC), a college campus for sailors. Over 650,000 Naval recruits received basic training here before the ONTC was closed in 1999. After the site was purchased by Baldwin Park Development Company, plans were finalized and all existing structures on the site were cleared and construction commenced on the new town in 2002. More information on Baldwin Park can be found at www.baldwinparkfl.com. About Post Properties Post Properties, founded more than 35 years ago, is one of the largest developers and operators of upscale multifamily communities in the United States. The Company’s mission is delivering superior satisfaction and value to its residents, associates, and investors, with a vision of being the first choice in quality multifamily living. Operating as a real estate investment trust ("REIT”), the Company focuses on developing and managing Post® branded resort-style garden and high density urban apartments. In addition, the Company develops high-quality condominiums and converts existing apartments to for-sale multifamily communities. Post Properties is headquartered in Atlanta, Georgia, and has operations in ten markets across the country. Post Properties owns 22,209 apartment homes in 62 communities, including 1,351 apartment units in four communities held in unconsolidated entities, 1,477 apartment units in five communities (and the expansion of one community) currently under construction and/or in lease-up. The Company is also developing 367 for-sale condominium homes in three communities (including 137 units in one community held in an unconsolidated entity) and is converting apartment units in three communities initially consisting of 470 units (including 121 units in one community held in an unconsolidated entity) into for-sale condominium homes through a taxable REIT subsidiary.