ORLANDO, FL - Preferred Apartment Communities announced that it acquired The Retreat at Orlando, a 221-unit, 894-bed, cottage-style student housing community serving the University of Central Florida in Orlando, Florida. PAC acquired this asset through its wholly-owned subsidiary Preferred Campus Communities, LLC ("PCC").
"This acquisition increases the size of the PCC portfolio to six student housing communities across four states," said Daniel M. DuPree, Chairman and Chief Executive Officer of Preferred Apartment Communities.
The Company financed the acquisition by assuming a non-recourse first mortgage loan from Fannie Mae originated by PNC Bank. The first mortgage loan is approximately $47.1 million, bears interest at a fixed rate of 4.09%, has 7.5 years of term remaining and amortizes based on a 30-year schedule. There are no loan guaranties provided by PAC or our operating partnership.
Paul Cullen, Chief Executive Officer of PCC, the Company's student housing subsidiary, added, "The gated community features high-end, student-focused amenities including an 11,000-square-foot clubhouse with a café, business center, 24-hour fitness center and resident study rooms. Other amenities include a resort-style, multi-tiered swimming pool with cabanas and hammocks, sand volleyball court, bocce ball court, and golf simulator."
Preferred Campus Communities, LLC is a wholly-owned indirect subsidiary of Preferred Apartment Communities, Inc. PCC was formed to acquire off-campus student housing communities in select targeted markets with growing enrollments throughout the United States.