Preferred Apartment Communities, Inc. Announces Investment in Atlanta Multifamily Development
Staff Report From Metro Atlanta CEO
Wednesday, August 2nd, 2017
Preferred Apartment Communities, Inc. announced that on July 31, 2017 it closed on an aggregate loan investment of up to approximately $17.9 million. This investment is in connection with Newport Development Partners plans to develop a 258-unit Class A multifamily community located in the city of Atlanta, Georgia. Additionally, with this investment, PAC received an option to purchase the multifamily community following stabilization at a discounted price to market. "This is a wonderful location in Lindbergh, a great sub-market of Atlanta, and will be a phenomenal asset when completed," said John A. Williams, the Company's Chief Executive Officer.
