ATLANTA, GA - Preferred Apartment Communities, Inc. announced its acquisition of Oxford Rise, an existing multifamily apartment community located in suburban Philadelphia, Pennsylvania. Oxford Rise was completed in 2009 and consists of 216 apartment homes, with a current occupancy of 94.9%. PAC will brand Oxford Rise as "a Preferred Apartment Community." PAC acquired Oxford Rise for a purchase price of $30.1 million, with financing provided by Freddie Mac. The non-recourse financing bears a floating interest rate of 277 basis points above the 30-day LIBOR, capped at 7.25% per annum, and matures in May 2018. There are no loan guaranties provided by PAC.
Oxford Rise consists of 8 garden buildings on a 20 acre landscaped setting. Oxford Summit is comprised of a unit mix of 72 one-bedroom garden apartment homes and 144 two-bedroom garden apartment homes. The property was constructed in 2008 and its apartment homes have an average size of 1,078 square feet. No major renovations are planned.
Preferred Apartment Communities, Inc. is a Maryland corporation formed to acquire multifamily properties in select targeted markets throughout the United States. As a secondary strategy, we may acquire senior mortgage loans, subordinate loans or mezzanine debt secured by interests in multifamily properties, membership or partnership interests in multifamily properties and other multifamily related assets.
Source: Preferred Apartment Communities