SARASOTA, FL - Preferred Apartment Communities announced the acquisition of a newly constructed 237-unit Class A multifamily community in Sarasota, Florida for a purchase price of approximately $47.4 million, exclusive of acquisition-related and financing-related transaction costs.
"We believe this acquisition adds another outstanding Class A community to our rapidly expanding portfolio," said Daniel M. DuPree, the Company's Chief Investment Officer and Vice Chairman. Leonard A. Silverstein, PAC's President and Chief Operating Officer added, "This multifamily community is well located in a superb master planned community, which we believe offers an exceptional live-work-play environment reflective of the lifestyle we seek for our residents."
PAC acquired this community through a wholly-owned subsidiary and financed the acquisition utilizing a first mortgage loan from KeyBank National Association, which intends to assign the loan to Freddie Mac within 60 days. The first mortgage loan is approximately $30.8 million and bears interest at a fixed rate of 3.55% per annum, matures December 1, 2022 and amortizes based on a 30-year schedule.
Source: Preferred Apartment Communities / #Apartments #Multifamily