Item 2.01. Completion of Acquisition or Disposition of Assets.

On April 30, 2009, Post Properties, Inc., through its majority owned operating subsidiary, Post Apartment Homes, L.P. (together, the "Company"), sold an apartment community, located in Atlanta, Georgia, formerly operated as Post Dunwoody®. The sale was consummated pursuant to a purchase and sale agreement, a copy of which is included as Exhibit 99.1 and incorporated herein by reference in its entirety. The sales price for the community was approximately $47.4 million. The purchaser was Dunwoody Station Apartments, LLLP, an independent third party to the Company. The sales price was determined based on arms-length negotiations between the parties.

The property formerly operated as Post Dunwoody® is a 530-unit garden-style apartment community located in the Dunwoody area of Atlanta, Georgia and was completed in multiple phases in the late 1980's and mid 1990's.

As of December 31, 2008, the Company classified the Post Dunwoody® apartment community as an asset held for sale with a net book value of approximately $21.9 million. As a result, the operating results of this community were reflected in discontinued operations in the Company's statement of operations for the year ended December 31, 2008.

Item 9.01. Financial Statements and Exhibits.

Exhibit 99.1 Purchase and Sale Agreement.

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