Preferred Apartment Communities, Inc. Announces Real Estate Loan Investment in Atlanta, Georgia MSA Multifamily Development
Preferred Apartment Communities, Inc. (NYSE: APTS) announced a real estate loan investment of approximately $23.15 million for the development of Club Drive Apartments, a 352-unit multifamily community in Gwinnett County, Georgia. The investment is part of Oxford Properties' construction efforts, with the first units expected in Fall 2023 and a loan maturity date set for February 2027. The company aims to leverage such investments to enhance growth through attractive returns and to build a pipeline of modern multifamily properties.
- Secured a real estate loan investment of approximately $23.15 million.
- Club Drive Apartments is located in a fast-growing area with strong visibility and access.
- First units expected to deliver in Fall 2023, indicating positive growth trajectory.
- Investment demonstrates commitment to redeploying capital effectively.
- None.
Preferred Apartment Communities, Inc. (NYSE: APTS) ("PAC" or the "Company") today announced that on August 11, 2021 it closed on a real estate loan investment of up to approximately
Club Drive Apartments - Atlanta, GA (Photo: Business Wire)
Jeff Sherman, the Company's President of Multifamily said, “This development is located in Gwinnett County, one of Atlanta’s fastest growing suburbs, and is ideally situated to benefit from strong visibility, easy access and close proximity to retail. Mr. Sherman added, “We believe our strategy to originate real estate loan investments with experienced developers is a meaningful driver of growth, as it not only provides the Company with attractive current returns, but also a known pipeline of modern and new Class A multifamily communities.”
John Isakson, PAC’s Chief Financial Officer added, “The Club Drive transaction is an excellent example of our ability to redeploy capital in our real estate loan investment program. The team has put significant effort into building out a pipeline of new loan opportunities to allow us to continue to invest in the program as we start to see our repayments increase.”
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 June 30, 2021, the Company owned or was invested in 117 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, including risks related to the closing of the transaction and timing thereof. 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 (d) 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:
https://www.sec.gov/Archives/edgar/data/1481832/000148183219000097/a424b5-2019seriesamshares.htm
View source version on businesswire.com: https://www.businesswire.com/news/home/20210817005892/en/
FAQ
What was the real estate loan investment amount announced by APTS?
When is the first unit delivery expected for Club Drive Apartments?
What is the expected loan maturity date for the Club Drive Apartments investment?
Where is Club Drive Apartments located?
