Preferred Apartment Communities, Inc. announced that its Board of Directors has unanimously elected Joel T. Murphy as Chief Executive Officer, effective as of January 1, 2020. Mr. Murphy will continue as a member of the Board, where he has served since May 2019. Mr. Murphy succeeds PAC's current CEO and Chairman of the Board, Daniel M. DuPree, who will remain with the Company as Executive Chairman of the Board.

Prior to his appointment as Chief Executive Officer of the Company, Mr. Murphy has served as Chief Executive Officer of New Market Properties, LLC, a wholly-owned subsidiary of the Company since September 1, 2014 and as Chair of the Investment Committee for the Company since June 2018. Mr. Murphy has over 30 years of experience as an executive officer, principal and advisor in retail and multifamily projects, portfolios and investments. Mr. Murphy served as President of the Retail Division of Cousins Properties Incorporated, as well as a member of its investment committee, from 1995 to 2008.

Mr. Murphy and Mr. DuPree have worked together since 1988. First, at New Market Development Company from 1988 to 1992, then at Cousins Properties Incorporated from 1992 to 2008. Mr. DuPree joined PAC in 2011 and Mr. Murphy later joined PAC in 2014.

Daniel M. DuPree, Chairman and Chief Executive Officer of PAC said, "Joel is a highly respected and seasoned leader who has spent over 30 years building a reputation for consistent, creative and well executed business strategies and real estate transactions. Joel's track record of achievement in running and growing our New Market subsidiary has been exemplary, in taking the business to where it stands today and in developing the team at every step along the way. Joel's commercial acumen, operational discipline, ability to attract and retain talent, and strategic executive experience make him the ideal leader for PAC."  

Joel Murphy added, "I am honored to have been elected as PAC's next Chief Executive Officer and I look forward to working with the Board, our experienced leadership team and our talented associates across all of our platforms to execute our business strategies."

Howard McLure, Lead Independent Director of the Company's Board said, "These changes at this time are the result of a well-planned natural succession plan for the Company. With Joel's leadership as CEO and Dan's continued contributions as Executive Chairman of the Board, the Company's Board of Directors believe PAC is well positioned for success in the future."