Preferred Apartment Communities, Inc. Closes Three Ravinia Acquisition
Staff Report From Metro Atlanta CEO
Thursday, January 5th, 2017
Preferred Apartment Communities, Inc. has completed its previously announced acquisition of Three Ravinia, a Class A office building located in the Central Perimeter submarket of Atlanta, Georgia. The Company acquired this asset through its indirect wholly-owned subsidiary, Preferred Office Properties, LLC. "Three Ravinia is an iconic trophy asset, which we believe will provide very substantial earnings to PAC," said Daniel M. DuPree, PAC's Vice-Chairman and Chief Investment Officer. "The office building is 98% leased with an average remaining lease term of approximately 10 years," added John A. Williams, PAC's Chairman and Chief Executive Officer.
