JACKSONVILLE, FL - Preferred Apartment Communities announced that it acquired a recently constructed 290-unit Class A multifamily community in Jacksonville, Florida named Sorrel Luxury Apartments. Sorrel offers spacious one, two and three bedroom homes fused with modern sophistication and high-speed convenience.
"We believe this is a high quality, Class-A community in a superb location," said John A. Williams, the Chairman and Chief Executive Officer for PAC. Mr. Williams added, "We continue to add communities in the fast growing Florida market."
PAC financed the acquisition utilizing a first mortgage loan from Prudential Multifamily Mortgage for approximately $33.6 million and has a maturity date of September 1, 2023, a fixed interest rate of 3.44% per annum and will amortize based on a 30-year amortization. Prudential intends to assign this loan to Fannie Mae within 60 days of closing.
Preferred Apartment Communities, Inc. is a Maryland corporation formed primarily to acquire and operate multifamily properties in select targeted markets throughout the United States.