RALEIGH, NC - Preferred Apartment Communities announced the sale of Lake Cameron, a Class A multifamily community located in Raleigh, North Carolina. PAC sold Lake Cameron for gross proceeds of approximately $43,450,000, which represents an exit capitalization rate of approximately 5.0%.
PAC will utilize the proceeds 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. The property achieved an average annualized return of approximately 19%.
John A. Isakson, Executive Vice President and Chief Capital Officer, noted, "We are pleased with the financial results of this transaction." Mr. Isakson, added, "We remain committed to constantly analyzing our portfolio in an effort to produce the best possible returns for our stockholders."
Lake Cameron is conveniently situated about 10 miles from Research Triangle Park and only minutes from the new Beaver Creek Commons shopping center, which has tons of shopping, dining, and movie theater. Lake Cameron provides its residents with a children’s playground, excellent bark park, and a State-Of-The-Art fitness center.
"We are pleased to announce the sale of Lake Cameron," said Leonard A. Silverstein, the President and Chief Operating Officer for PAC. Mr. Silverstein added, "The sale of Lake Cameron, which was built in 1997 and was our oldest multifamily asset, further demonstrates our commitment to pursue the youngest portfolio in the industry."
Source: Preferred Apartment Communities / #Apartments #Multifamily