Source: Preferred Apartment Communities / #Apartments #Multifamily
RICHMOND, VA - Apartment Communities announced the acquisition of a 255-unit Class A multifamily community in the Richmond, Virginia MSA constructed in 2016 called Colony at Centerpointe, formally named Oxygen at Centerpointe.
Colony at Centerpointe is located in the highly affluent Richmond submarket of Midlothian and Chesterfield.
"The combination of modern design, prime location and generous amenities, including a fully-equipped fitness center, resort-style pool and game room center, positions Colony as the premier Class A multifamily community in the market," said Jeff Sherman, the Company's Executive Vice President and Director of Multifamily Investments.”
PAC acquired this community through a wholly-owned subsidiary and financed the acquisition by assuming a non-recourse first mortgage loan from American International Group. The remaining principal balance on the AIG first mortgage loan is approximately $33.5 million, bears interest at a fixed rate of 3.68% per annum and matures on October 1, 2026. There are no loan guaranties provided by PAC or our operating partnership.
Mr. Sherman added, "With this acquisition, we continue to add to our growing portfolio of best-in-class new multifamily communities."