Preferred Apartment Communities, Inc. Announces Acquisition of a "Class A" Office Tower in Raleigh, North Carolina Through its Subsidiary, Preferred Office Properties, LLC
ATLANTA , July 25, 2019 |PRNewswire| -- Preferred Apartment Communities, Inc. (NYSE: APTS ) ("PAC" or the "Company") today announced that it acquired CapTrust Tower, a 300,389 square foot office building located in the North Hills submarket of Raleigh, North Carolina . Developed in 2010, the 16-story property includes nine levels of office space atop a six-level parking podium and popular ground floor retail. The property is currently 100% leased with more than seven years of contractual, weighted average term remaining under the leases. Kane Realty Corporation will lease and manage the building. PAC acquired CapTrust Tower through its subsidiary, Preferred Office Properties. Boone DuPree, President and Chief Executive Officer for Preferred Office Properties, stated: " Raleigh is a strategic market for the Company, and this 'core' profile acquisition grows our local presence and offers entry into the high performing North Hills submarket, which is a one-of-a-kind environment with unmatched walkable amenities for our customers." Mr.
Preferred Apartment Communities, Inc. Announces Acquisition of a "Class A" Office Tower in Raleigh, North Carolina Through its Subsidiary, Preferred Office Properties, LLC
ATLANTA , July 25, 2019 |PRNewswire| -- Preferred Apartment Communities, Inc. (NYSE: APTS ) ("PAC" or the "Company") today announced that it acquired CapTrust Tower, a 300,389 square foot office building located in the North Hills submarket of Raleigh, North Carolina . Developed in 2010, the 16-story property includes nine levels of office space atop a six-level parking podium and popular ground floor retail. The property is currently 100% leased with more than seven years of contractual, weighted average term remaining under the leases. Kane Realty Corporation will lease and manage the building. PAC acquired CapTrust Tower through its subsidiary, Preferred Office Properties. Boone DuPree, President and Chief Executive Officer for Preferred Office Properties, stated: " Raleigh is a strategic market for the Company, and this 'core' profile acquisition grows our local presence and offers entry into the high performing North Hills submarket, which is a one-of-a-kind environment with unmatched walkable amenities for our customers." Mr.