Preferred Apartment Communities invests in multifamily development in Florida

Preferred Apartment Communities (PAC) has closed on a loan investment of up to approximately $10.9 million in connection with TDK Development’s plans to develop Vintage Horizon West, a 340-unit, class A multifamily community located in Orlando, Fla.

Additionally, with this investment, PAC received an option to purchase the multifamily community following stabilization.

“We continue to build scale in Orlando, Florida, a region that we believe projects strong occupancy and annual effective rent-growth rates,” said Jeff Sherman, the company’s executive vice president and managing director of multifamily. “Vintage Horizon West will be PAC’s second real estate loan investment with TDK, and we are excited to continue our lending relationship with a high quality and seasoned full service developer.”