ATLANTA, Aug. 24, 2016 /PRNewswire/ -- Preferred Apartment
Communities, Inc. (NYSE: APTS) ("PAC" or the "Company") today
announced that it closed on a loan investment of up to
approximately $21.1 million.
This investment is in connection with Bristol Development Group's
plans to develop a 271-unit multifamily community located in
Birmingham, Alabama.
Additionally, with this investment, PAC received an option to
purchase the multifamily community following stabilization at a
discounted price to market. "Bristol Development Group is a
Nashville based developer of Class
A multifamily properties throughout the Southeast U.S. We
have pursued a relationship with Bristol for some time and hope this is just
the first of many high quality projects that we can work on
together," said Daniel M. DuPree,
the Company's Chief Investment 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 mezzanine
debt secured by interests in multifamily properties, membership or
partnership interests in multifamily properties and other
multifamily related assets and invest not more than 20% of our
assets, subject to any temporary increase unanimously approved by
our board of directors, in other real estate related investments
such as grocery-anchored shopping centers, senior mortgage loans,
subordinate loans or mezzanine debt secured by interests in
grocery-anchored shopping centers, membership or partnership
interests in grocery-anchored shopping centers and other
grocery-anchored shopping center related assets as determined by
our manager as appropriate for us. At June 30, 2016, the Company was the approximate
96.4% 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.
Forward-Looking Statements
This press release may contain forward-looking statements
within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. These statements may be identified by the use of
forward-looking terminology such as "may", "trend", "will",
"expects", "plans", "estimates", "anticipates", "projects",
"intends", "believes", "goals", "objectives", "outlook" and similar
expressions. Because such statements include risks,
uncertainties and contingencies, actual results may differ
materially from the expectations, intentions, beliefs, plans or
predictions of the future expressed or implied by such
forward-looking statements. These risks, uncertainties and
contingencies include, but are not limited to, those disclosed in
PAC's filings with the Securities and Exchange Commission. PAC
undertakes no obligation to update these forward-looking statements
to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events, except as may be
required by law.
Additional Information
The SEC has declared effective the registration statement
(including prospectus) filed by the Company for each of the
offerings to which this communication may relate. Before you
invest, you should read the final prospectus, and any prospectus
supplements, forming a part of the registration statement and other
documents the Company has filed with the SEC for more complete
information about the Company and the offering to which this
communication may relate. In particular, you should carefully
read the risk factors described in the final prospectus and in any
related prospectus supplement and in the documents incorporated by
reference in the final prospectus and any related prospectus
supplement to which this communication may relate. You may get
these documents for free by visiting EDGAR on the SEC website at
www.sec.gov. Alternatively, the Company or its dealer
manager, International Assets Advisory, LLC, with respect to the
Follow-On Offering, and JonesTrading Institutional Services LLC,
with respect to the ATM Offering, will arrange to send you a
prospectus if you request it by calling Leonard A. Silverstein at (770) 818-4100, 3284
Northside Parkway NW, Suite 150, Atlanta,
Georgia 30327.
The final prospectus for the Follow-On Offering, dated
October 11, 2013, can be accessed
through the following link:
http://www.sec.gov/Archives/edgar/data/1481832/000148183213000128/a424b3prospectus900m.htm
The ATM Offering prospectus, dated July
18 2016, including a base prospectus, dated May 17, 2016, can be accessed through the
following link:
https://www.sec.gov/Archives/edgar/data/1481832/000148183216000152/atmprospectus.htm
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SOURCE Preferred Apartment Communities, Inc.