Preferred Apartment Communities, Inc. (NYSE: APTS) announced its acquisition of Gayton Crossing, a 158,317 square foot shopping center located in Richmond, Virginiaand anchored by a Kroger grocery store. Gayton Crossing is located on the corner of Gaskins Road and Quioccasin Road, which sees a high volume traffic count of over 36,000 CPD.
PAC acquired these assets through its wholly-owned indirect subsidiary New Market Properties, LLC. Joel T. Murphy, President and Chief Executive Officer of New Market said about the acquisition, "Gayton Crossing is our second asset in the state of Virginia located in Richmond's highly desirable West End submarket and has exceptional demographics with a three mile population of 82,500 and average household incomes of $109,500." Mr. Murphy added, "This acquisition increases the size of our portfolio to 46 grocery-anchored shopping centers across eight states, consistent with our strategy to acquire well-positioned grocery-anchored shopping centers in suburban Sunbelt and Mid-Atlantic markets with strong demographics that are anchored by market leading grocers."
The Company financed the acquisition utilizing a non-recourse first mortgage loan from Nationwide Life Insurance Company. There are no loan guaranties provided by PAC or its operating partnership.
About New Market Properties, LLC
New Market Properties, LLC is a wholly-owned indirect subsidiary of Preferred Apartment Communities, Inc. and is focused on the grocery anchored shopping center sector. New Market currently owns and operates a portfolio of grocery anchored shopping centers in eight states. New Market's strategy is to prudently grow and operate its existing portfolio throughout the Mid-Atlantic, Southeast and Texas. New Market targets high quality suburban markets with dominant grocers such as Publix, Kroger, Harris Teeter, Tom Thumb and HEB.
About Preferred Apartment Communities, Inc.
Preferred Apartment Communities, Inc. is a Maryland corporation formed primarily to own and operate multifamily properties and, to a lesser extent, own and operate student housing properties, grocery anchored shopping centers and strategically located, well leased class A office buildings, all 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. 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 September 30, 2018, the Company was the approximate 97.4% 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.
