Preferred Apartment Communities (PAC) has purchased two new properties.
It acquired Neapolitan Way, a 137,580-square-foot shopping center located in Naples, Fla., and anchored by a 40,120-square-foot Publix grocery store.
PAC acquired the asset through its wholly-owned subsidiary New Market Properties.
“We continue to actively pursue strategic opportunities in our grocery-anchored retail platform and are pleased to add another solid grocery-anchored shopping center to the PAC portfolio,” said Daniel DuPree, chairman and CEO of Preferred Apartment Communities.
PAC also acquired The Bloc, a newly constructed 140-unit, 556-bed, student housing community serving Texas Tech University in the highly desirable Overton District of Lubbock, Texas. PAC acquired this asset through its wholly-owned subsidiary Preferred Campus Communities
The acquisition increases the size of the PCC portfolio to seven student housing communities across four states.
