SAN ANTONIO, TX - Preferred Apartment Communities announced the acquisition of a newly constructed 395-unit Class A multifamily community in the San Antonio, Texas market.
"We're delighted to have this opportunity to acquire a superb multifamily community in San Antonio as our first asset in this market," said Leonard A. Silverstein, PAC's President and Chief Operating Officer.
Daniel M. DuPree, PAC's Chief Investment Officer and Vice Chairman added, "This acquisition reflects our continued strategy to grow our Company with exceptional multifamily assets and lower the average age of our portfolio." PAC acquired this community through a wholly-owned subsidiary and financed the acquisition by assuming a first mortgage loan from Fannie Mae.
Preferred Apartment Communities formed primarily to acquire and operate multifamily properties in select targeted markets throughout the United States. As part of the business strategy, they enter into forward purchase contracts or purchase options for to-be-built multifamily communities.
Source: Preferred Apartment Communities / #Apartments #Multifamily