Source: Preferred Apartment Communities / #Apartments #Multifamily
LUBBOCK, TX - Preferred Apartment Communities announced that it closed on a loan investment of up to approximately $9.4 million. This investment is in connection with Haven Campus Communities’ plans to develop a 556-bed, 140-unit student housing community located near Texas Tech University in Lubbock, Texas.
This is the second phase to an existing student housing project that is completing its first lease-up. The second phase will be managed by Preferred Campus Management, the same company managing the current lease-up in the first phase. Additionally, with this investment, PAC received an option to purchase the student housing community following stabilization at a discounted price to market.
"We are excited to continue the growth of investments in student housing assets near world-class universities," said Paul Cullen, Chief Marketing Officer of PAC.
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.