Preferred Apartment Communities sells office building for $55m

Preferred Apartment Communities has sold Brookwood Center, an office property located in Birmingham, Ala., to Pope & Land and Fairway Investments for $55 million.

With this sale, the company now owns only two remaining office buildings, one in Atlanta and one in San Antonio.

Joel Murphy, PAC’s chairman and CEO, said, “With the sale of Brookwood Center, we have now sold eight office assets for total gross proceeds of approximately $780 million, and we have further demonstrated our continued intent and ability to effectively wind down our office business and prudently monetize our few remaining office assets strategically and thoughtfully over time.”