ATLANTA, July 27, 2017 /PRNewswire/ -- Preferred Apartment
Communities, Inc. (NYSE: APTS) ("PAC" or the "Company") today
announced the acquisition on July 26,
2017 of Irmo Station, an approximately 99,384 square foot
shopping center located in the Columbia,
South Carolina MSA and anchored by a 56,942 square foot
Kroger grocery store. Irmo Station is strategically located
just one mile off of Interstate Highway 26 (I-26), the main highway
connecting Greenville, South
Carolina to Charleston, South
Carolina through Columbia.
PAC acquired this asset through its wholly-owned subsidiary New
Market Properties, LLC. Joel T.
Murphy, President and Chief Executive Officer of
New Market said about the
acquisition, "We are thrilled to partner again with Kroger on this
high sales volume location, and we believe the tenants at Irmo
Station will continue to benefit from the surrounding dense three
mile population of approximately 42,000 people and the affluent
households with incomes of over $82,000." Mr. Murphy added, "The acquisition of
Irmo Station increases the size of our retail portfolio to 34
grocery-anchored shopping centers across seven Sunbelt states,
consistent with our strategy to acquire well-positioned
grocery-anchored shopping centers in suburban Sunbelt markets with
strong demographics."
The Company financed the acquisition utilizing a non-recourse
first mortgage loan from Nationwide Mutual Insurance Company.
The first mortgage loan is approximately $10.65 million, bears interest at fixed rate of
3.94% per annum and matures on July
26, 2030. 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 seven Sunbelt
states. Its strategy is to aggressively grow 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
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., 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.
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, Preferred Capital Securities, LLC, with respect to PAC's
mShares Redeemable Preferred Stock Offering and Series A Redeemable
Preferred Stock and Warrant Unit Offering, and JonesTrading
Institutional Services LLC, with respect to PAC's ATM Common Stock
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 ATM Common Stock Offering prospectus supplement, dated
July 10, 2017, including a base
prospectus, dated May 17, 2016, can
be accessed through the following link:
https://www.sec.gov/Archives/edgar/data/1481832/000148183217000110/atmprospectusspring2017.htm
The mShares Redeemable Preferred Stock Offering prospectus,
dated January 19, 2017, can be
accessed through the following link:
https://www.sec.gov/Archives/edgar/data/1481832/000148183217000008/a424prospectus-mshares1.htm
The Series A Redeemable Preferred Stock and Warrant Unit
Offering prospectus, dated March 16,
2017, can be accessed through the following link:
https://www.sec.gov/Archives/edgar/data/1481832/000148183217000061/a424prospectus-15bseriesar.htm
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SOURCE Preferred Apartment Communities, Inc.