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                                                                       EXHIBIT 5



                                October 27, 1997


Post Properties, Inc.
3350 Cumberland Circle
Suite 2200
Atlanta, Georgia 30339

         Re:      Post Properties, Inc. -- 7 5/8% Series B Cumulative Redeemable
                  Preferred Shares

Ladies and Gentlemen:

                  We have acted as counsel for Post Properties, Inc., a Georgia
corporation (the "Company"), in connection with the registration under the
Securities Act of 1933, as amended, of $50,000,000 liquidation preference 7 5/8%
Series B Cumulative Redeemable Preferred Shares (the "Preferred Shares")
pursuant to a Prospectus Supplement dated October 23, 1997 (the "Preferred
Shares Prospectus Supplement").

                  In connection with this opinion, we have examined and relied
upon such records, documents, certificates and other instruments as in our
judgment are necessary or appropriate to form the basis for the opinions
hereinafter set forth. In all such examinations, we have assumed the genuineness
of signatures on original documents and the conformity to such original
documents of all copies submitted to us as certified, conformed or photographic
copies, and as to certificates of public officials, we have assumed the same to
have been properly given and to be accurate. As to matters of fact material to
this opinion, we have relied upon statements and representations of
representatives of the Company and of public officials.

                  This opinion is limited in all respects to the federal laws of
the United States of America and the laws of the States of Georgia and New York,
and no opinion is expressed with respect to the laws of any other jurisdiction
or any effect which such laws may have on the opinions expressed herein. This
opinion is limited to the matters stated herein, and no opinion is implied or
may be inferred beyond the matters expressly stated herein.

                  Based upon the foregoing, and the other limitations and
qualifications set forth herein, we are of the opinion that:

         (i)      The Company is a corporation validly existing and, based
solely on a certificate of the Secretary of State of the State of Georgia, in
good standing under the laws of the State of Georgia;
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Post Properties, Inc.
October 27, 1997
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         (ii)     Upon the issuance and sale of the Preferred Shares as
described in the Preferred Shares Prospectus Supplement, such shares will be
validly issued, fully paid and nonassessable.

                  The opinions set forth above are subject, as to enforcement,
to (i) bankruptcy, insolvency, reorganization, moratorium and other similar laws
relating to or affecting the enforcement of creditors' rights generally, and
(ii) general equitable principles (regardless of whether enforcement is
considered in a proceeding in equity or law).

                  This opinion is given as of the date hereof, and we assume no
obligation to advise you after the date hereof of facts or circumstances that
come to our attention or changes in law that occur which could affect the
opinions contained herein. This letter is being rendered solely for the benefit
of the Company in connection with the matters addressed herein. This opinion may
not be furnished to or relied upon by any person or entity for any purpose
without our prior written consent.


                                    Very truly yours,


                                    KING & SPALDING