Preferred Apartment Communities, Inc. Announces Investment in Orlando, Florida Multifamily Development

Oct. 14, 2019 – Preferred Apartment Communities, Inc. (NYSE: APTS) (“PAC” or the “Company”) today announced that on October 11, 2019 it closed on a loan investment of up to approximately $10.9 million in connection with TDK Development’s plans to develop Vintage Horizon West, a 340-unit Class A multifamily community located in Orlando, Florida. Additionally, with this investment, PAC received an option to purchase the multifamily community following stabilization.

Jeff Sherman, the Company’s Executive Vice President and Managing Director of Multifamily said, “We continue to build scale in Orlando, Florida, a region that we believe projects strong occupancy and annual effective rent growth rates.” Mr. Sherman added, “Vintage Horizon West will be PAC’s second real estate loan investment with TDK and we are excited to continue our lending relationship with a high quality and seasoned full service developer.”

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