Preferred Apartment Communities has sold Stoneridge Farms, a class A multifamily community built in 2002 and located in Nashville.
PAC plans to use the net proceeds for working capital purposes including reducing the outstanding balance under its revolving line of credit facility, acquisitions, real estate loan investments and general corporate purposes. The property achieved an average annualized return of approximately 22 percent and generated a gain on sale of approximately $16.9 million.
