Preferred Apartment Communities, Inc. (NYSE: APTS) has completed its previously announced acquisition of Three Ravinia, a Class A office building located in the Central Perimeter submarket of Atlanta, Georgia. The Company acquired this asset through its indirect wholly-owned subsidiary, Preferred Office Properties, LLC. "Three Ravinia is an iconic trophy asset, which we believe will provide very substantial earnings to PAC," said Daniel M. DuPree, PAC's Vice-Chairman and Chief Investment Officer. "The office building is 98% leased with an average remaining lease term of approximately 10 years," added John A. Williams, PAC's Chairman and Chief Executive Officer.

About Preferred Apartment Communities, Inc.

Preferred Apartment Communities, Inc. is a Maryland corporation formed primarily to acquire and operate multifamily properties in select targeted markets throughout the United States. As part of our business strategy, we may enter into forward purchase contracts or purchase options for to-be-built multifamily communities and we may make real estate related loans, provide deposit arrangements, or provide performance assurances, as may be necessary or appropriate, in connection with the development of multifamily communities and other properties. As a secondary strategy, we may acquire or originate senior mortgage loans, subordinate loans or real estate loans secured by interests in multifamily properties, membership or partnership interests in multifamily properties and other multifamily related assets and invest a lesser portion of our assets in other real estate related investments, including other income producing property types, senior mortgage loans, subordinate loans or real estate loans secured by interests in other property types, membership or partnership interests in other property types as determined by our manager as appropriate for us. At September 30, 2016, the Company was the approximate 96.5% owner of Preferred Apartment Communities Operating Partnership, L.P., or the Operating Partnership. Preferred Apartment Communities, Inc. has elected to be taxed as a real estate investment trust under the Internal Revenue Code of 1986, as amended, commencing with its tax year ended December 31, 2011.