Source: Preferred Apartment Communities
NASHVILLE, TN - Preferred Apartment Communities announced it completed the acquisition of The Anson, a newly constructed 301-Unit Class A multifamily community in the Nashville, Tennessee MSA. The acquisition of The Anson resulted from the real estate loan investment the Company originated in May of 2018 to support the development of the property.
Jeff Sherman, the Company’s President of Multifamily said, “This acquisition expands our footprint in Nashville, a strategic market with tremendous growth prospects. Nashville continues to benefit from numerous corporate relocations, expansions and investments, including Facebook, General Motors and, most recently, Oracle. Mr. Sherman added, “Not only is The Anson an absolute best-in-class product developed by Oxford Properties, it is located in an extremely high growth corridor along I-24, less than 15 miles to downtown, and within minutes of the 300+ acre mixed-use Century Farms Development.”
John A. Isakson, the Company’s Chief Financial Officer said, “Our acquisition of The Anson is yet another great example of the continued value of our real estate loan investment program. The assets in this program earn an accretive return for us during the term of the loan and provide a proprietary pipeline for us to acquire assets in a very competitive environment. We look forward to continuing to grow this program in the future.