TALLAHASSEE, FL - Preferred Apartment Communities announced the acquisition of Campus Circle, a 219-unit, 679-bed student housing community located near Florida State University in Tallahassee, Florida. PAC acquired this asset through its wholly-owned subsidiary Preferred Campus Communities.
Preferred Campus Communities financed the acquisition by assuming the existing first mortgage loan with a maturity date of October 1, 2022 and an annual interest rate of 4.02%.
"We believe this acquisition represents a strong, strategic move into the student housing sector. This property is well located with easy pedestrian access to campus. We feel the modern features, including a resort-style pool, a fitness center and other student-centered amenities are very appealing to the resident base," said Paul Cullen, PAC's Chief Marketing Officer and Chief Executive Officer of PCC.
PAC also announced that on January 1, 2016 Preferred Campus Management began operating as a manager of student housing communities. PCM is a wholly-owned subsidiary of Preferred Apartment Advisors, the Company's external manager. PCM will manage the Campus Circle community for PAC.
In addition to Campus Circle, PCM currently manages seven newly constructed student housing projects in five states having an aggregate of 5,296 beds. PAC provided a portion of the proceeds for the construction of each of these communities for which PAC received an option to purchase following stabilization at a discounted price to market. Upon the acquisition of any of these student housing communities, PAC intends to acquire them through PCC and to engage PCM as its property manager.
PAC is also pleased to announce that Kimberly (Barkwell) Hodge was brought on as President and Chief Executive Officer for PCM at inception. Kim currently oversees all facets of PCM's operations, including strategic initiatives, financial oversight, business services, property performance and company culture enhancement. John A. Williams, the Company's Chief Executive Officer said, "Kim is a seasoned student housing and multifamily veteran with over 35 years of experience in all sectors of property management. We are thrilled that she is leading the PCM team."
Ms. Hodge became a partner at Ambling Property Investments in 2004 and in 2008 was appointed President of Ambling Student Housing/Ambling Management Company. Under her leadership, Ambling operated over 25,000 student housing beds, as well as Ambling's owned portfolio of 83 conventional, senior and affordable housing assets totaling nearly 13,000 units.