Source: Preferred Apartment Communities / #Apartments #Multifamily
AUSTIN, TX - Preferred Apartment Communities announced the sale of McNeil Ranch, a Class A multifamily community built in 1999 and located in Austin, Texas. Preferred Apartment Communities sold McNeil Ranch for gross proceeds of approximately $30,000,000.
Preferred Apartment Communities plans to utilize the net proceeds for working capital purposes including reducing the outstanding balance under its revolving line of credit facility, acquisitions, real estate loan investments and general corporate purposes.
McNeil Ranch offers a rare combination of resort style amenities, classic architecture, and a superior location. Conveniently located just minutes from fine dining and shopping, McNeil Ranch is in close proximity to some of the most prestigious golf courses, parks and resort amenities you can in the Austin market.
"The sale of McNeil Ranch, our oldest multifamily asset, enables us to recycle capital into other strategic investment opportunities," said Jeff Sherman, Executive Vice President and Director of Multifamily Investments for PAC. Mr. Sherman added, "The outstanding average annualized return and gain on the sale of this asset continues to demonstrate the Company's ability to acquire, operate and dispose of assets in an effort to maximize returns to our stockholders."
The property achieved an average annualized return of approximately 18% and generated a gain on sale of approximately $13.8 million.