ATLANTA, GA - Preferred Apartment Communities, Inc. announced its acquisition of Oxford Trail Apartments, an existing multifamily apartment community located in Hampton, Virginia. Oxford Trail was completed in 2006 and consists of 204 apartment homes, with a current occupancy of approximately 98%. PAC will rename the property "Trail Creek" and brand it as "a Preferred Apartment Community."
PAC acquired Oxford Trail for a purchase price of $23.5 million through a loan originated by Jones Lang LaSalle Operations, L.L.C., and expects the loan to be transferred to Freddie Mac within 60 days. The non-recourse financing bears a floating interest rate of 280 basis points above the 30-day LIBOR, capped at 6.85% per annum, and matures in May 2018. There are no loan guaranties provided by PAC.
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