HAMPTON, VA - Preferred Apartment Communities announced the sale of Trail Creek Apartments, its 300-unit multifamily community in Hampton, Virginia.
The sale generated net proceeds of approximately $10.5 million to PAC, which PAC will utilize for working capital purposes including reducing the outstanding balance under its revolving line of credit facility, acquisitions, real estate investment loans and general corporate purposes.
Leonard A. Silverstein, PAC's President and Chief Operating Officer, said, "We are pleased to announce the sale of this multifamily community which we previously reported as being held for sale."
Trail Creek Apartments offers unique one and two bedroom rental townhomes as well as brand new two and three bedroom townhomes in a beautiful setting that combines the comforts of home with superior resident services and outstanding community amenities. The convenient location is just minutes from great shopping, dining, and entertainment.
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.
Source: Preferred Apartment Communities / #Apartments #Multifamily