ATLANTA, Nov. 13, 2017 /PRNewswire/ -- Preferred
Apartment Communities, Inc. (NYSE: APTS) ("PAC" or the "Company")
today announced that it acquired an approximately 258,000 square
foot Class A office development known as Westridge at La Cantera
located in San Antonio, Texas. The
property comprises two buildings delivered in 2015 and 2016 which
are together 100% leased to a high credit tenant roster, including
S&P AA+ rated USAA, with an average remaining lease term of
approximately 9 years. "This acquisition is consistent with our
previously described strategy to acquire highly accretive,
well-leased, Class A office buildings where we perceive value in
near-term stability and long-term growth potential," said Boone
DuPree, the Chief Executive Officer for Preferred Office
Properties. Leonard A. Silverstein, PAC's President and Chief
Operating Officer added, "Our primary focus remains on owning and
operating multifamily communities, although we will continue to
select these non-multifamily focused assets in property types in
which we have considerable, proven experience and expertise which
is certainly the case for Class A office buildings."
The Company financed the acquisition utilizing a non-recourse
first mortgage loan from Allianz Real Estate of America LLC. The
first mortgage loan is approximately $54.4
million, bears interest at a fixed rate of 4.1% per annum,
has an eleven-year term and amortizes based on a 25-year schedule.
There are no loan guaranties provided by PAC or our operating
partnership.
About Preferred Office Properties, LLC
Preferred Office Properties, LLC is a wholly-owned subsidiary of
Preferred Apartment Communities Inc., formed in 2016 to invest in
Class A office properties across the U.S. The company sources
portfolio assets through acquisitions of operating properties as
well as strategic, structured participation in new development.
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 September 30, 2017, the Company
was the approximate 97.5% 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.
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.