Atlanta-based Post Properties Being Bought by Memphis Apartment Company

Post Properties, a company started in 1971 by Atlanta residential real estate icon John Williams, is being purchased by Mid-America Apartment Communities (MAA) for $3.88 billion.

The companies made the announcement on Monday in a joint statement.

Post Properties will merge with MAA, creating a publicly traded, multifamily real estate investment company.

Each share of Post common stock will be converted into 0.71 shares of newly issued MAA common stock. The companies expect the transaction to close later this year.

The merger brings together two companies that, combined together, will operate about 105,000 multifamily units in 317 properties.

Post Properties has operations in 10 markets across the country.

Image: Post Properties