Preferred Apartment Communities has closed on a loan investment of up to approximately $14.8 million in connection with Newport Development Partners’ plans to develop Kennesaw Crossing, a 250-unit, class A multifamily community located in the Kennesaw submarket of Atlanta.
“We continue to originate real estate loan investments as it provides the company with attractive current returns and a pipeline of modern and new class A multifamily communities,” said Jeff Sherman, the company’s executive vice president and managing director of multifamily. “The Kennesaw submarket continues to outpace the greater Atlanta MSA, both in terms of occupancy and rent growth, both above the Atlanta MSA average. This new development is part of a mixed-use project that was rezoned for up to 274 multifamily units, along with retail, office and hotel components and is proximate to market leading grocers, restaurants and big-box retailers.”
