DALLAS, TX - Preferred Apartment Communities announced the sale of Enclave at Vista Ridge, a Class A multifamily community located in Dallas, Texas.
PAC sold the property for gross aggregate disposition proceeds of approximately $44.0 million. The property achieved an average annualized return of approximately 15.6%.
"The attractive return on the sale of Enclave, a property constructed in 2003 and purchased by PAC just over two and a half years ago, demonstrates our ability to effectively recognize significant value in our acquisition program and provides us the opportunity to redeploy the sale proceeds into well-located, newly constructed and high-quality multifamily communities in our core markets," said John A. Williams, the Chairman and Chief Executive Officer for PAC.
Enclave at Vista Ridge Apartment Homes is located in Lewisville, Texas a suburb of Dallas. Features include gourmet kitchens, 9- foot ceilings with crown molding, walk-in closets and garden tubs. A resort-style pool and spa with poolside cabanas, state-of-the-art fitness center, community business center with library and cyber café and part of the amenity package. Enclave at Vista Ridge is just a short drive from various shopping, dining and entertainment opportunities.
Preferred Apartment Communities was formed primarily to acquire and operate multifamily properties in select targeted markets throughout the United States. As part of its business strategy, it may enter into forward purchase contracts or purchase options for to-be-built multifamily communities and make real estate related loans, provide deposit arrangements, or provide performance assurances, as may be necessary or appropriate, in connection with the development of multifamily communities and other properties.