Preferred Apartment Communities, Inc. (NYSE: APTS) today announced that it closed on an aggregate loan investment of up to approximately $30.1 million. This investment is in connection with the development of a 302-unit Class A multifamily community in Alexandria, Virginia. The property is conveniently located near the blue line transit station adjacent to the master-planned community known as Cameron Station. Additionally, with this investment, PAC received an option to purchase the multifamily community following stabilization at a discounted price to market.
"We continue to originate real estate loan investments that provide both attractive current returns and the opportunity to acquire new multifamily communities at a discount to stabilized value," said John A. Williams, the Company's Chief Executive Officer. Mr. Williams added, "This is an exciting opportunity to originate a loan investment in a transit-oriented and affluent sub-market of Alexandria, Virginia."
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 December 31, 2017, the Company was the approximate 97.8% owner of Preferred Apartment Communities Operating Partnership, L.P., the Company's 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. Learn more at www.pacapts.com.
