Preferred Apartment Communities, Inc. (NYSE: APTS) announced the sale on May 25, 2017 of Enclave at Vista Ridge, a Class A multifamily community located in Dallas, Texas. PAC sold the property for gross aggregate disposition proceeds of approximately $44.0 million. The property achieved an average annualized return of approximately 15.6%. "The attractive return on the sale of Enclave, a property constructed in 2003 and purchased by PAC just over two and a half years ago, demonstrates our ability to effectively recognize significant value in our acquisition program and provides us the opportunity to redeploy the sale proceeds into well-located, newly constructed and high-quality multifamily communities in our core markets," said John A. Williams, the Chairman and Chief Executive Officer for PAC.

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 income-producing property types, membership or partnership interests in other income-producing property types as determined by our manager as appropriate for us. At March 31, 2017, the Company was the approximate 96.8% 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.