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.”

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: