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An Atlanta apartment giant has announced plans to dip its toes into Atlanta's hot condo market.
Post Properties Inc. (NYSE: PPS) is considering converting some of its apartment communities in Atlanta and two other cities into condominiums. And the apartment developer has land under contract behind Phipps Plaza in Buckhead for a "flagship" condo building, said Jay Land, a partner with Pope & Land Enterprises Inc., the Atlanta developer that currently owns the 9.5-acre site fronting the Buckhead Loop and Phipps Boulevard.
"It's in their business plan now. [Post] is going to be developing condos," Land said. I think they're real excited about this being their flagship product here in Atlanta."
Post executives, speaking to analysts during a third-quarterearnings conference call Nov. 2, said the company has hired outside real estate experts to evaluate Post's entire apartment portfolio with a goal to sell some of the properties and convert others into condominiums.
Time is now
"We think the condo phenomenon has legs as long as interest rates remain relatively low," said David Stockert, president and CEO of Post.
Tom Senkbeil, executive vice president and chief...