OVERLAND PARK, KS - Preferred Apartment Communities announced the acquisition of a 260-unit Class A multifamily community in Overland Park, Kansas constructed in 2016 called Adara Overland Park.
"Adara is one of the premier Class A multifamily communities located in a strong and growing submarket and features high quality interior finishes," said Jeff Sherman, the Company's Executive Vice President and Director of Multi-Family Investments.
Adara offers expansive 1, 2, and 3 bedroom luxury apartment homes with attached and detached garages available. Each apartment home features stainless steel appliances, unique granite kitchen counter tops, full-sized washer and dryer, a garden tub or custom walk-in shower, large walk-in closets, pre-wired intrusion alarms, modern gray crown molding, stylish track and pendant lighting, 2" plantation style blinds, and ceiling fans with lighting in bedrooms and living rooms.
Mr. Sherman added, "With this acquisition, we continue to add to our growing portfolio of best-in-class new multifamily communities."
PAC acquired this community through a wholly-owned subsidiary and financed the acquisition utilizing a non-recourse first mortgage loan from Freddie Mac originated by KeyBank National Association. The first mortgage loan is approximately $31.85 million, bears interest at a fixed rate of 3.9% per annum, matures on April 1, 2028 and amortizes based on a 30-year schedule.
There are no loan guaranties provided by PAC or our operating partnership.
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, they enter into forward purchase contracts or purchase options for to-be-built multifamily communities and we may make real estate related 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.