Preferred Apartment Communities, Inc. today announced that on February 18, 2016 it closed on an investment of up to approximately $12.7 million in connection with Newport Development Partners, LLC's plans to develop an approximately 232-unit multifamily community located adjacent to Atlantic Station in 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 an extraordinary location in the midst of a world-class development.  We are pleased to be a part of this project," said Leonard A. Silverstein, the Company's President and Chief Operating Officer.