Source: Preferred Apartment Communities / #Apartments #Multifamily
TAMPA, FL - Preferred Apartment Communities announced that it closed on a loan investment of up to approximately $18.7 million. This investment is in connection with The Altman Companies plans to develop a 392-unit multifamily community located in Tampa, Florida.
Additionally, with this investment, PAC received an option to purchase the multifamily community following stabilization at a discounted price to market.
The development is part of the Wiregrass master-planned community which has been approved to include, among other things, over 10,000 homes, 2.7 million square feet of retail, one million square feet of industrial, a 138-acre sports complex, and 2.6 million square feet of office, including a campus planned by Raymond James for 750 employees.
"The Altman Group is a South Florida based developer of Class A multifamily properties throughout the Southeast U.S. We are excited to partner with The Altman Group," said Daniel M. DuPree, the Company's Vice-Chairman and Chief Investment Officer.
Preferred Apartment Communities was formed primarily to acquire and operate multifamily properties in select targeted markets throughout the United States. The company enters into forward purchase contracts or purchase options for to-be-built multifamily communities and makes real estate related loans, provides deposit arrangements, or performance assurances in connection with the development of multifamily communities and other properties.