Post Properties Begins Construction on Mixed-Use Community in Dallas

Atlanta-based Post Properties, Inc. (NYSE: PPS) today announced the start of construction of Post Frisco Bridges™, a new mixed-use community in Dallas. Located just off the Dallas North Tollway, the live-work-play development will offer 269 luxury apartments and approximately 29,000 square feet of retail space in its first phase. The community is situated on a five-acre site within the master-planned Sierra Frisco development planned by well-known real estate company Champion Partners. With more than six million square feet of retail space, Frisco Bridges offers future residents a diverse collection of retail shops and restaurants. Additionally, the community is within minutes of the Frisco Professional Sports Complex and Hall Office Park. "With major landmarks such as Legacy Town Center and Addison Circle, Dallas has proven to be a rewarding market for Post,” said David Ward, Post Properties’ executive vice president and regional director for Southwest markets. "Offering unmatched location and an outstanding mix of livable units, Post Frisco Bridges™ is an exciting addition to our successful mixed-use portfolio.” Individual one- and two-bedroom homes will boast signature finishes, including stainless steel appliances, hardwood floors in select units and granite countertops. Community amenities will include a pool with an outdoor fireplace, fitness center, Internet café and two additional landscaped courtyards. Post Properties expects the first apartment homes to be available in the fourth quarter of 2008. Retailers interested in securing space at Post Frisco Bridges™ should contact Catherine Howell with Post Properties at (972) 851-3291. 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 22,478 apartment homes in 63 communities, including 1,351 apartment units in four communities held in unconsolidated entities and 1,746 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 and is converting apartment units in two communities initially consisting of 349 units into for-sale condominium homes through a taxable REIT subsidiary.