Real Estate - JULY 28, 2017

Preferred Apartment Communities acquires multifamily community in the Sarasota, Florida MSA

by Released

Preferred Apartment Communities announced the acquisition of a 280-unit class A multifamily community in the Sarasota, Florida MSA, constructed in 2016 called Luxe Lakewood Ranch.

"This acquisition demonstrates our continued focus to lower the average age of our premier class A multifamily community portfolio," said John A. Williams, the Chairman and Chief Executive Officer for PAC.  Mr. Williams added, "Luxe Lakewood Ranch is ideally located in a superb master planned community, with immediate access to jobs, restaurants, shopping and recreational areas."

 PAC acquired this community through a wholly-owned subsidiary and financed the acquisition utilizing a non-recourse first mortgage loan from Fannie Mae originated by Berkadia Commercial Mortgage LLC.  The first mortgage loan is approximately $39.3 million, bears interest at a fixed rate of 3.93 percent per annum, matures in August 2027 and amortizes based on a 30-year schedule.  There are no loan guaranties provided by PAC or our operating partnership.

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