Preferred Apartment Communities, Inc. announced the acquisition on September 29, 2017 of a 172-unit Class A multifamily community in the Atlanta, Georgia MSA constructed in 2016 called Reserve at Summit Crossing.  "We are thrilled to add Reserve at Summit Crossing to our existing assets Summit Crossing I and Summit Crossing II and is the third and final phase of the Summit Crossing multifamily community," said Daniel M. DuPree, the Vice-Chairman and Chief Investment Officer for PAC.  Mr. DuPree added, "The acquisition of Reserve at Summit Crossing came through a real estate loan investment that PAC made to partially construct the development over two years ago and once again demonstrates the success our real estate loan investment program, which we expect to continue to be a solid contributor to the dynamic growth of our Company."

PAC acquired this community through a wholly-owned subsidiary and financed the acquisition utilizing a non-recourse first mortgage loan from Mid First Bank.  The first mortgage loan is approximately $20.1 million, bears interest at a fixed rate of 3.871% per annum, matures in October 2025 and amortizes based on a 30-year schedule.  There are no loan guaranties provided by PAC or our operating partnership.