Preferred Apartment Communities, Inc. (NYSE: APTS) ("PAC" or the "Company") today announced that on August 11, 2021 it closed on a real estate loan investment of up to approximately $23.15 million in connection with Oxford Properties’ plans to develop Club Drive Apartments, a 352-unit, garden-style surface parked Class A multifamily community located in Gwinnett County, a northeast suburb in the Atlanta, Georgia MSA. Delivery of first units is expected in Fall 2023. The real estate loan investment has an outside maturity date in February 2027 co-terminus with the construction loan.

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Jeff Sherman, the Company's President of Multifamily said, "This development is located in Gwinnett County, one of Atlanta’s fastest growing suburbs, and is ideally situated to benefit from strong visibility, easy access and close proximity to retail. Mr. Sherman added, "We believe our strategy to originate real estate loan investments with experienced developers is a meaningful driver of growth, as it not only provides the Company with attractive current returns, but also a known pipeline of modern and new Class A multifamily communities."