ATLANTA, Nov. 15, 2018 /PRNewswire/ -- Preferred Apartment
Communities, Inc. (NYSE: APTS) ("PAC" or the "Company") today
announced the acquisition of CityPark View South, a 200-unit Class
A multifamily community in Charlotte,
North Carolina constructed in 2017. CityPark View South
features an expansive clubhouse and high end amenity package,
highlighted by a resort-style saltwater pool, 24-hour package
locker system and Energy Star stainless steel appliances. "The
opportunity to acquire this new and attractive community came
through a real estate loan investment that PAC made for the
development of the community over two years ago and once again
demonstrates the imbedded value inherent in these loans," said
Jeff Sherman, Executive Vice
President and Director of Multifamily Investments for PAC. Mr.
Sherman added, "CityPark View South is the second phase to PAC's
existing CityPark View asset, creating operational efficiencies for
both communities, and brings the total unit count to 484 between
the two properties."
PAC acquired this community through a wholly-owned subsidiary
and financed the acquisition utilizing a non-recourse first
mortgage loan from Prudential Affordable Mortgage Company. The
first mortgage loan is approximately $24.1 million, bears
interest at a fixed rate of 4.51% per annum, matures in June
2029 and amortizes based on a 30-year schedule. There are no
loan guaranties provided by PAC or our operating
partnership.
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, 2018, the Company was the
approximate 97.4% 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.