NAPLES, FL - Preferred Apartment Communities announced the acquisition of a newly constructed 308-unit Class A multifamily community in Naples, Florida.
"With this acquisition, we are adding to our growing portfolio of best-in-class new multifamily communities," said Daniel M. DuPree, the Company's Chief Investment Officer and Vice Chairman. Leonard A. Silverstein, PAC's President and Chief Operating Officer added, "With the addition of this community, we continue to lower the average age of our portfolio, which we believe is the lowest in the industry."
PAC acquired this community through a wholly-owned subsidiary and financed the acquisition utilizing a first mortgage loan from the Prudential Insurance Company of America.
Preferred Apartment Communities was formed primarily to acquire and operate multifamily properties in select targeted markets throughout the United States.
Source: Preferred Apartment Communities / #Apartments #Multifamily