ATLANTA, March 26, 2019 /PRNewswire/ -- Preferred
Apartment Communities, Inc. (NYSE: APTS) ("PAC" or the "Company")
today announced that it closed on a loan investment of up to
approximately $10.8 million in
connection with TDK Development's plans to develop a 282-unit Class
A multifamily community located in Destin, Florida. "We continue to originate
real estate loan investments as it provides the Company with
current income growth and a pipeline of modern and new Class A
multifamily communities," said Jeff
Sherman, the Company's Executive Vice President and Managing
Director of Multifamily. Mr. Sherman added, "This community is
located in the heart of Destin and
we believe will serve as the premier rental community in the
area. We have pursued a relationship with TDK for some time
and are excited to have the opportunity to work with such a high
quality developer."
About Preferred Apartment Communities, Inc.
Preferred
Apartment Communities, Inc. is a Maryland corporation formed primarily to own
and operate multifamily properties and, to a lesser extent, own and
operate student housing properties, grocery-anchored shopping
centers and strategically located, well leased class A office
buildings, all 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. 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, 2018, the
Company was the approximate 97.9% 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, 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 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.