An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Preferred Apartment Communities, Inc. Announces Real Estate Loan Investment in Jacksonville, Florida Multifamily Development
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Preferred Apartment Communities, Inc. (NYSE: APTS) announced a real estate loan investment of up to $16.6 million on October 14, 2021, to support Catalyst Development Partners in building Menlo II, a 337-unit multifamily community in Jacksonville, Florida. The project is set to deliver its first units in Spring 2023, with the loan maturing in April 2027. This investment aligns with PAC's strategy to enhance its portfolio through strategic real estate investments.
Positive
Investment of $16.6 million in Menlo II enhances portfolio.
First units delivery expected in Spring 2023.
The development is adjacent to a newly approved Publix shopping center, potentially increasing attractiveness and rental income.
Negative
None.
ATLANTA--(BUSINESS WIRE)--
Preferred Apartment Communities, Inc. (NYSE: APTS) (“PAC” or the “Company”) today announced that on October 14, 2021 it closed on a real estate loan investment of up to approximately $16.6 million in connection with Catalyst Development Partners’ plans to develop Menlo II, a 337-unit, mid-rise, surface parked, Class A multifamily community located in Jacksonville, Florida. Delivery of first units is expected in Spring 2023. The real estate loan investment has an outside maturity date in April 2027, co-terminus with the construction loan.
The Menlo - Jacksonville, FL (Photo: Business Wire)
Jeff Sherman, the Company's President of Multifamily said, “Our investment in this development follows the recent success of Menlo, which we capitalized with a real estate loan investment in 2018, and later acquired in 2020.” Mr. Sherman continued, “This ‘sister’ property will not only benefit from the same strategic locale in the master planned eTown community, but also from its location immediately adjacent to a newly approved Publix anchored shopping center expected to open in early 2023.”
John Isakson, PAC’s Chief Financial Officer added, “Our real estate loan investment program continues to be an accretive investment strategy and a consistent pipeline of multifamily product for our acquisition platform. Our team has developed a broad base of well-respected borrowers who continue to bring us quality transactions. The pipeline of transactions should provide us with a range of opportunities to backfill the deals that are paying off and grow the book further as we move into 2022.”
About Preferred Apartment Communities, Inc.
Preferred Apartment Communities, Inc. (NYSE: APTS) is a real estate investment trust engaged primarily in the ownership and operation of Class A multifamily properties, with select investments in grocery anchored shopping centers. Preferred Apartment Communities’ investment objective is to generate attractive, stable returns for stockholders by investing in income-producing properties and acquiring or originating multifamily real estate loans. As of September 30, 2021, the Company owned or was invested in 107 properties in 13 states, predominantly in the Southeast region of the United States. 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, (a) the impact of the COVID-19 pandemic and related federal, state and local government actions on PAC’s business operations and the economic conditions in the markets in which PAC operates; (b) PAC’s ability to mitigate the impacts arising from COVID-19; and (c) 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 filed by the Company for each of our public offerings. 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. 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. You may get 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, will arrange to send you a prospectus with respect to the Series A1/M1 Offering upon request by contacting John A. Isakson at (770) 818-4109, 3284 Northside Parkway NW, Suite 150, Atlanta, Georgia 30327.
The final prospectus for the Series A1/M1 Offering, dated October 22, 2019, can be accessed through the following link:
Preferred Apartment Communities, Inc. John A. Isakson 770-818-4109
Chief Financial Officer
Email: jisakson@pacapts.com
Preferred Apartment Communities, Inc. Paul Cullen 770-818-4144
Executive Vice President-Investor Relations
Email: Investorrelations@pacapts.com
Source: Preferred Apartment Communities, Inc.
FAQ
What is the significance of the $16.6 million investment by APTS?
The $16.6 million investment by Preferred Apartment Communities will fund the development of Menlo II, aiming to enhance their multifamily portfolio and provide potential income.
When are the first units of Menlo II expected to be delivered?
The first units of Menlo II are expected to be delivered in Spring 2023.
What is the maturity date of APTS's loan investment for Menlo II?
The maturity date for the loan investment in Menlo II is set for April 2027.
How does the Menlo II project relate to PAC's overall strategy?
Menlo II aligns with PAC's strategy of investing in income-generating properties and is expected to contribute to a consistent pipeline of multifamily products.
