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.