Preferred Apartment Communities to focus more on grocery-anchored retail

Preferred Apartment Communities has plans to focus more on multifamily and grocery-anchored retail properties.

“We are seeing solid growth and positive trajectory in our top-line revenues in our core multifamily business, which is supported by broad positive economic and migration trends,” stated Joel Murphy, Preferred Apartment Communities’ president and CEO. “These operational successes have allowed us to continue to advance our strategic goals of simplifying our business platform to focus on our class A suburban Sun Belt multifamily business, complemented by our 100 percent grocery-anchored retail investments, and to continue realigning our balance sheet by reducing our preferred shares outstanding. Subsequent to quarter end, we signed an agreement for the sale of a substantial majority of our office portfolio, and upon closing, anticipated to be in the third quarter, we look forward to utilizing the net proceeds to redeem additional Series A preferred shares while