Preferred Apartment Communities Acquires 180-Unit Multifamily Community in Tampa, Florida

TAMPA, FL - Preferred Apartment Communities announced the acquisition of a 180-unit Class A multifamily community in Tampa, Florida constructed in 2016 called Overlook at Crosstown Walk.  

"We acquired this property using our previously negotiated purchase option discount, which further demonstrates the success of our unique real estate loan investment program," said Daniel M. DuPree, the Vice-Chairman and Chief Investment Officer for PAC. 

Crosstown Walk offers one, two and three bedroom apartment homes in a beautiful setting that combines the comforts of home with superior resident services and outstanding community amenities. The brand new apartments offer large open floor plans with soaring 9 foot ceilings that maximize views, light and living space. They are well equipped with culinary kitchens and designer finishes like beautiful walnut plank flooring and generous closet space. The unsurpassed is only minutes from downtown Tampa and even closer to the Crosstown Expressway, I-75, I-4, I-275 and the Tampa International Airport.

Mr. DuPree added, "We are thrilled to add Overlook at Crosstown Walk to our existing asset Crosstown Walk and is the second and final phase of the Crosstown Walk multifamily community."

PAC acquired this community through a wholly-owned subsidiary and financed the acquisition utilizing a non-recourse first mortgage loan from Fannie Mae originated by Berkadia Commercial. 

The first mortgage loan is approximately $22.2 million, bears interest at a fixed rate of 3.95% per annum, has a seven-year term 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.