ATLANTA, GA - Preferred Apartment Communities announced the acquisition of a 172-unit Class A multifamily community in the Atlanta, Georgia MSA constructed in 2016 called Reserve at Summit Crossing.
"We are thrilled to add Reserve at Summit Crossing to our existing assets Summit Crossing I and Summit Crossing II and is the third and final phase of the Summit Crossing multifamily community," said Daniel M. DuPree, the Vice-Chairman and Chief Investment Officer for PAC.
Reserve at Summit Crossing offers luxury one and two bedroom apartment homes in a gated community that combines the comforts of home with superior resident services and outstanding community amenities. Features include beautiful granite counters with stainless steel appliances and over the range microwaves. Ultra-modern fitness center with cardio, free weights and a wide variety of Wellbeats virtual classes available. Huge cyber cafe with resident social area. Salt water pool with in-pool loungers. Enjoy the convenience of living just minutes from great shopping, dining and entertainment. Located in the highly desirable Forsyth County area.
Mr. DuPree added, "The acquisition of Reserve at Summit Crossing came through a real estate loan investment that PAC made to partially construct the development over two years ago and once again demonstrates the success our real estate loan investment program, which we expect to continue to be a solid contributor to the dynamic growth of our Company."
PAC acquired this community through a wholly-owned subsidiary and financed the acquisition utilizing a non-recourse first mortgage loan from Mid First Bank. The first mortgage loan is approximately $20.1 million, bears interest at a fixed rate of 3.871% per annum, matures in October 2025 and amortizes based on a 30-year schedule.
There are no loan guaranties provided by PAC or our operating partnership.
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, they enter into forward purchase contracts or purchase options for to-be-built multifamily communities and we may 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.