Exhibit 99.1

Post Properties, Inc (ticker: PPS, exchange: New York Stock Exchange) News
Release - 27-Aug-2004

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POST PROPERTIES AND JOHN WILLIAMS RESOLVE ALL OUTSTANDING DIFFERENCES

      -- Williams Steps Down From Board of Directors of Post Properties --


      ATLANTA, Aug. 27 /PRNewswire-FirstCall/ -- Post Properties, Inc. (NYSE:
      PPS), an Atlanta-based real estate investment trust, and John A. Williams,
      the Company's founder and Chairman Emeritus, jointly announced today that
      they have entered into a settlement agreement resolving all their
      outstanding differences.

      Under the terms of the agreement, Mr. Williams' Employment Agreement and
      Noncompetition Agreement have been terminated. In addition, Mr. Williams
      resigned from Post Properties' Board of Directors effective immediately.
      The Company agreed to continue to provide Mr. Williams with certain
      payments and benefits until May 31, 2013, which would have been the
      approximate expiration date of the Employment Agreement.

      The agreement provides for customary standstill covenants by Mr. Williams
      for a period of seven years. The parties also exchanged mutual releases
      and agreed to non-disparagement and no litigation covenants.

      In February 2003, the Company recorded a charge for the present value of
      the estimated payments under Mr. Williams' Employment Agreement. Because
      the present value of the estimated payments under the settlement agreement
      approximates the Company's remaining accrued charge under the Employment
      Agreement, the Company does not currently anticipate an additional accrual
      in connection with this settlement.

      Robert C. Goddard, III, the Company's Chairman of the Board, said, "We are
      extremely pleased that we have been able to put our differences behind us,
      and that the Board and management can focus their full attention on the
      Company's business and improving value for the benefit of all
      shareholders. This past year and a half has been a challenging period for
      the Company, but I believe we have emerged with a Board of Directors which
      is united in its determination to help the Company realize the value of
      its assets. Post Properties owes much to John Williams, and we wish him
      well in the future."

      Mr. Williams said, "This was the right time for an amicable parting. My
      activism has resulted in positive changes at Post Properties, particularly
      in the important area of corporate governance. And, with three new
      recently-elected, independent directors in place, I am now comfortable
      leaving my position on the Post Properties Board of Directors. I intend to
      pursue my own interests in real estate investment and development, and I
      will always maintain a deep affection for Post."

      Post Properties, founded more than 30 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. Operating as a real
      estate investment trust (REIT), the Company focuses on developing and
      managing Post(R) branded resort-style garden apartments and high density
      urban apartments with a vision of being the first choice in quality
      multifamily living. Post Properties is headquartered in Atlanta, Georgia,
      and has operations in 10 markets across the country.

      Nationwide, Post Properties owns approximately 24,700 apartment homes in
      65

      communities, including 666 apartment homes held in three unconsolidated
      joint ventures.

      CONTACT:

            Janie Maddox
            Post Properties, Inc.
            1-404-846-5056