Post Properties, a Buckhead-based leader of luxury apartment development and management for 45 years, has been bought for around $3.88 billion by a Tennessee real estate investment trust, according to a press release and media reports.

Post will merge with Memphis-based MAA, combining portfolios of about 105,000 multifamily units nationwide worth billions of dollars. The merged company will have the MAA name and Memphis headquarters, but will keep a “significant presence” in Atlanta and in Dallas, the press release said.

Post’s corporate office is at 4401 Northside Parkway. The company owns more than 22,000 units nationwide, including several apartments complexes in Buckhead, Brookhaven and Dunwoody.

John Ruch

John Ruch is an Atlanta-based journalist. Previously, he was Managing Editor of Reporter Newspapers.