Preferred Apartment Communities, Inc. Announces Acquisition of a 392-Unit Class A Multifamily Community in Tampa, Florida
ATLANTA , April 1, 2020 |PRNewswire| -- Preferred Apartment Communities, Inc. (NYSE: APTS ) ("PAC" or the "Company") announced its acquisition of Altis Wiregrass Ranch, a newly-constructed 392-unit Class A multifamily community located in Tampa, Florida ("Altis"). Jeff Sherman , President of Multifamily said, "Despite the current near-term environment, our financial involvement in the development of this property since inception gives us a deep understanding of the positive long-term attributes of this best-in-class community and the growing market area around it.The opportunity to acquire it came through a real estate loan investment that PAC made for the development of the property over two years ago and once again illustrates the imbedded value inherent in these loans." Mr. Sherman added, "This acquisition demonstrates our commitment to our strategy of selectively adding newly constructed Class A multifamily communities to our portfolio, which we believe will translate into sustainable and growing cash flows." Altis is located in Wiregrass Ranch, a master planned mixed-use community spanning over 5,000 acres with top rated schools, medical facilities including a hospital, …
Preferred Apartment Communities, Inc. Announces Acquisition of a 392-Unit Class A Multifamily Community in Tampa, Florida
ATLANTA , April 1, 2020 |PRNewswire| -- Preferred Apartment Communities, Inc. (NYSE: APTS ) ("PAC" or the "Company") announced its acquisition of Altis Wiregrass Ranch, a newly-constructed 392-unit Class A multifamily community located in Tampa, Florida ("Altis"). Jeff Sherman , President of Multifamily said, "Despite the current near-term environment, our financial involvement in the development of this property since inception gives us a deep understanding of the positive long-term attributes of this best-in-class community and the growing market area around it.The opportunity to acquire it came through a real estate loan investment that PAC made for the development of the property over two years ago and once again illustrates the imbedded value inherent in these loans." Mr. Sherman added, "This acquisition demonstrates our commitment to our strategy of selectively adding newly constructed Class A multifamily communities to our portfolio, which we believe will translate into sustainable and growing cash flows." Altis is located in Wiregrass Ranch, a master planned mixed-use community spanning over 5,000 acres with top rated schools, medical facilities including a hospital, …