ATLANTA, July 9, 2018 /PRNewswire/ -- Preferred
Apartment Communities, Inc. (NYSE: APTS) ("PAC" or the "Company")
today announced its acquisition on July 6,
2018 of Brawley Commons, a
122,028 square foot shopping center located in the Charlotte, North Carolina MSA, and anchored by
a 49,098 square foot Publix grocery store. Brawley Commons is
located just to the west of I-77 at the entrance to the Brawley
Peninsula of Lake Norman at the intersection of Brawley School Road
and Williamson Road, which has a high volume traffic count at over
54,000 CPD.
PAC acquired these assets through its wholly-owned subsidiary
New Market Properties, LLC. Joel T. Murphy, President and Chief Executive Officer
of New Market said about the acquisition, "Brawley Commons is our second asset in the
Charlotte, North Carolina MSA and
adds to the geographical diversity of our portfolio. We believe
Brawley Commons presents an
attractive combination of stability with a strong grocery anchor
such as Publix, as well as an opportunity for earnings growth with
excellent and growing trade area fundamentals." Mr.
Murphy added, "This acquisition
increases the size of our portfolio to 44 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 and anchored by
market leading grocers."
The Company financed the acquisition utilizing a non-recourse
first mortgage loan from Nationwide. The first mortgage loan
is approximately $18.5 million, bears interest at fixed rate
of 4.40% per annum and has a term of 10 years. 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. 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
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 December 31, 2017, the Company was the
approximate 97.8% 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.
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, 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
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.