UNITED STATES ~~SECURITIES~~ ~~AND EXCHANGE COMMISSION~~

~~WASHINGTON,~~SECURITIES ~~D.C.~~AND ~~20549~~ EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT ~~PURSUANT~~ ~~TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934~~

~~Date~~Pursuant ofto ~~Report~~Section 13 or 15(~~Date~~d) of ~~earliest~~the ~~event reported):~~Securities ~~May 19,~~Exchange ~~2005~~ Act of 1934

~~Post~~Date ~~Properties,~~of ~~Inc. Post~~Report ~~Apartment~~(Date ~~Homes~~of earliest event reported): July 23, ~~L.P.~~2009

Post Properties, Inc.

Post Apartment Homes, L.P.

(Exact name of registrant as specified in its charter)

Georgia Georgia		1-12080 0-28226		58-1550675 58-2053632
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification Number)

Georgia

4401 Northside Parkway, Suite 800, Atlanta, Georgia		30327
(Address of principal executive offices)		(Zip Code)

Georgia

~~Registrant’s~~(State ~~telephone~~or ~~number,~~other ~~including~~jurisdiction of ~~area code: (404~~incorporation) ~~846-5000~~

~~Not~~1-12080 ~~applicable (Former Name or Former Address, if Changed Since Last Report)~~

~~Check the appropriate box below if the Form 8~~0-K28226 ~~filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:~~

~~o Written communications pursuant to Rule 425 under the Securities Act~~ (17Commission ~~CFR 230.425~~File Number)

~~o Soliciting material pursuant to Rule 14a~~58-121550675 ~~under the Exchange Act (17 CFR 240.14a-12)~~

~~o Pre~~58-~~commencement~~2053632 ~~communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))~~

~~o Pre-commencement communications pursuant to Rule 13e-4~~(c)IRS ~~under~~Employer ~~the~~Identification ~~Exchange Act (17 CFR 240.13e-4(c~~Number))

~~Item~~4401 ~~1.01.~~Northside ~~Entry~~Parkway, ~~into~~Suite a800, Atlanta, ~~Material~~Georgia ~~Definitive~~30327 ~~Agreement~~

At(Address ~~the 2005 annual meeting~~ of ~~shareholders~~principal ofexecutive ~~Post~~offices) ~~Properties, Inc. held on May 19, 2005, our shareholders approved the 2005 Post Properties, Inc. non-qualified employee stock purchase plan.~~

~~Under~~Registrant’s ~~the~~telephone ~~plan~~number, ~~shares~~including ofarea ~~our~~code ~~common stock are available for purchase by eligible employees and directors. There are two six~~(404) 846-~~month~~5000 purchase periods each year under the plan. The first purchase period begins on January 1 and ends on June 30, and the second purchase period begins on July 1 and ends on December 31. Each purchase period under the plan is preceded by an election period during which participants may elect to participate in the plan. At the end of each purchase period, the amounts accumulated for each participant are automatically applied to purchase shares of our common stock. The purchase price of the common stock is equal to 85% of the lesser of the closing price per share of common stock on the first trading day of the purchase period or the closing price per share of common stock on the last trading day of the purchase period.

~~Participants~~Not ~~may~~Applicable ~~not contribute or withhold more than $100,000 for any calendar year. We reserved 300,000 shares of our common stock for issuance under the plan, and the plan is limited to a term of ten years.~~

A(Former ~~copy~~Name ofor ~~the~~Former ~~plan~~Address, isif ~~attached~~Changed ~~hereto~~Since asLast ~~Exhibit 10.1~~Report) ~~and is incorporated by reference into this Item 1.01.~~

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.01.

Completion of Acquisition or Disposition of Assets.

On July 23, 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 Ridge^®. 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 $44.8 million. The purchaser was Centennial Ridge, LLC, 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 Ridge^® is a 434-unit garden-style apartment community located in the northwest area of Atlanta, Georgia and was completed in 1998.

As of March 31, 2009 and December 31, 2008, the Company classified the Post Ridge^® apartment community as an asset held for sale with a net book value of approximately $26.9 million and $26.8 million, respectively. As a result, the operating results of this community were reflected in discontinued operations in the Company’s statements of operations for the three months ended March 31, 2009 and the year ended December 31, 2008.

Item 9.01.

Financial Statements and Exhibits.

~~(c)~~Exhibit ~~Exhibits~~99.1 Purchase and Sale Agreement.

10.1*		2005 Post Properties, Inc. Non-Qualified Employee Stock Purchase Plan filed as Appendix A to the 2005 proxy statement and incorporated herein by reference.
99.1		Computation of Ratio of Earnings to Fixed Charges of Post Apartment Homes, L.P.

SIGNATURES

* Identifies a compensatory plan required to be filed.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

~~Date~~Dated: ~~May~~July 2427, ~~2005~~ 2009

POST PROPERTIES, INC. By: /s/ ~~David~~Christopher PJ. ~~Stockert~~Papa ~~David~~Christopher PJ. ~~Stockert~~Papa Executive Vice President and Chief ~~Executive~~Financial Officer

~~Signatures~~ SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

~~Date~~Dated: ~~May~~July 2427, ~~2005~~ 2009

POST APARTMENT HOMES, L.P. By: POST GP HOLDINGS, INC., as General Partner By: /s/ ~~David~~Christopher PJ. ~~Stockert~~Papa ~~David~~Christopher PJ. ~~Stockert~~Papa Executive Vice President and Chief ~~Executive~~Financial Officer

EXHIBIT INDEX

Exhibit Number		Description
ExhibitNumber		Index
10.1*		2005 Post Properties, Inc. Non-Qualified Employee Stock Purchase Plan filed as Appendix A to the 2005 proxy statement and incorporated herein by reference.
99.1		Purchase and Sale Agreement.
99.1		Computation of Ratio of Earnings to Fixed Charges of Post Apartment Homes, L.P.

* Identifies a compensatory plan required to be filed.

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