ATLANTA, GA - Preferred Apartment Communities announced the acquisition of a Class A multifamily community in the Atlanta, Georgia. The community, Green Park, consists of 310-units and was constructed in 2016. Green Park is conveniently located in Tucker, Georgia minutes from Decatur, Virginia Highlands, Emory, the CDC and Perimeter Mall with direct access to I-285.
Green Park offers distinctive apartment homes located on a beautiful 3-acre park in Tucker, Georgia. Studio, 1, and 2 bedroom apartment homes along with 2 and 3 bedroom townhomes make up the serene community. Interior comforts at Green Park Apartments feature sleek Slate cabinetry and Swan Grey granite countertops with a complimentary subway tile backsplash. All kitchens feature Stainless appliances.
The community is pet-friendly and features a bark park with a dog washing station. Amenities such as a Resort-Class Salt-Water Swimming Pool with Sun Shelf, and Outdoor Pavilion with a grill and fire pit, and a 24-hour State of the Art Health and Wellness Center with both Cardio and Strength Training are part of the community.
"The acquisition of Green Park came through a real estate loan investment that PAC made over three years ago, the proceeds of which were used to partially fund the development of Green Park," said Leonard A. Silverstein, the President and Chief Operating Officer for PAC.
The Company financed the acquisition utilizing a non-recourse first mortgage loan provided by Allianz. KeyBank National Association placed the loan for the Company. The first mortgage loan is approximately $39.75 million, bears interest at a fixed rate of 4.09% per annum, has a ten-year term and amortizes based on a 30-year schedule. There are no loan guaranties provided by PAC or our operating partnership.
Mr. Silverstein added, "This acquisition further demonstrates the success of our unique real estate loan investment program, which continues to create a pipeline of attractive, off-market acquisition opportunities at contractual discounts, while providing compelling returns during construction."