Source: Preferred Apartment Communities / #Apartments #Multifamily
ATLANTA, GA - Preferred Apartment Communities announced that it closed on an investment of up to approximately $12.7 million in connection with Newport Development Partners’ plans to develop an approximately 232-unit multifamily community located adjacent to Atlantic Station in Atlanta, Georgia.
Additionally, with this investment, PAC received an option to purchase the multifamily community following stabilization at a discounted price to market.
"This is an extraordinary location in the midst of a world-class development. We are pleased to be a part of this project," said Leonard A. Silverstein, the Company's President and Chief Operating Officer.
Preferred Apartment Communities was formed primarily to acquire and operate multifamily properties in select targeted markets throughout the United States. As part of its business strategy, it enters into forward purchase contracts or purchase options for to-be-built multifamily communities and makes mezzanine loans, provide deposit arrangements, or provide performance assurances, as may be necessary or appropriate, in connection with the development of multifamily communities and other properties.