ATLANTA – Founder of Post Properties, John Williams, has died at the age of 75.

Williams founded Post Properties in 1970 and in 1993 took the company public. When he resigned as chairman of Post Properties in 2003, the company had approximately 30,000 apartment units, Atlanta Business Chronicle reported.

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Preferred Apartment Communities posted on their website the following statement on Monday:

“Preferred Apartment Communities, Inc. (NYSE: APTS) is profoundly saddened to announce that the Company's Co-Founder, Chairman and Chief Executive Officer, John A. Williams unexpectedly passed away earlier today. The Company's Board of Directors has appointed Vice-Chairman and Chief Investment Officer Daniel M. DuPree to succeed Mr. Williams as Chairman of the Board and Chief Executive Officer. Leonard A. Silverstein, a co-founder of the Company along with Mr. Williams, has been appointed Vice-Chairman of the Board and will continue as President and Chief Operating Officer.”

Messrs. Silverstein and DuPree said in an additional statement that, "John was a dear friend, partner, mentor and influence in our lives and careers. He was a visionary and understood the importance of creating a company that is built on culture, associates, reputation, and brand. We are committed to continuing John's vision to create the preeminent real estate investment trust in the United States."

Williams served on the board of directors of the Atlanta Falcons and has a minority ownership stake in the team.

Williams is survived by his wife Nancy, three children and two grandchildren.