ATLANTA, Feb. 29, 2016 /PRNewswire/ -- Preferred Apartment
Communities, Inc. (NYSE: APTS) ("PAC" or the "Company") today
announced the acquisition of Wade Green Village, an approximately
75,000 square foot grocery-anchored retail shopping center anchored
by a 47,814 square foot Publix grocery store. Wade Green
Village is located in Cobb County
just east of I-75 in the Atlanta,
Georgia MSA. This transaction involves the
contribution of Wade Green Village in exchange for Class A Units of
the Company's operating partnership. "The structure of this
acquisition validates the 'upREIT' design of Preferred Apartment
Communities. That is, we are able to utilize operating
partnership units of our subsidiary, Preferred Apartment
Communities Operating Partnership, as another form of currency
given to the contributor that provides both favorable tax treatment
to the contributor and favorable pricing to us as the acquirer,"
said John A. Williams, PAC's
Chairman and Chief Executive Officer.
PAC acquired this asset through its wholly-owned subsidiary New
Market Properties, LLC. Joel T. Murphy, President and Chief
Executive Officer of New Market Properties, LLC, said, "The
acquisition of Wade Green Village is consistent with our strategy
to acquire well-positioned grocery-anchored retail centers in
suburban Sunbelt markets anchored by strong market leaders such as
Publix. Publix has a solid 23-year operating history in this
center and many of the small shop tenants have long operating
histories as well."
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 construction of multifamily communities and
other properties. As a secondary strategy, we also 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 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. 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 obtain
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, or its sales agent, MLV, 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 final prospectus and prospectus supplement for the ATM
Offering, dated July 19, 2013 and
February 28, 2014, respectively, can
be accessed through the following link:
http://www.sec.gov/Archives/edgar/data/1481832/000148183214000015/prospectussupplementatm-20.htm
Logo - http://photos.prnewswire.com/prnh/20151105/284364LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/preferred-apartment-communities-inc-announces-acquisition-of-a-grocery-anchored-retail-shopping-center-in-the-atlanta-georgia-market-300228091.html
SOURCE Preferred Apartment Communities, Inc.