ATLANTA--(BUSINESS WIRE)--Preferred Apartment Communities, Inc. (NYSE: APTS) ("PAC" or the "Company") today completed the acquisition of Alleia at Presidio, a 231-Unit Class A multifamily community in Fort Worth, Texas.
Jeff Sherman, the Company’s President of Multifamily said, “Alleia marks our re-entry into the Dallas-Fort Worth metroplex, which continues to lead the nation in total population growth.” Mr. Sherman added, “This property checks so many boxes for us; it is surrounded by affluent demographics, is located in a top-rated school district, is less than 5 miles from two hospital systems and is walkable to Presidio Towne Crossing, a destination retail center including a Costco, Target and numerous restaurants and services.”
John A. Isakson, Chief Financial Officer commented, “Alleia represents another accretive acquisition for our multifamily portfolio from a high-quality developer we have done multiple transactions with previously. We are excited to continue to grow our multifamily portfolio and the Dallas/Ft. Worth market is one of our strategic focuses as it continues to be an attractive market with excellent demographic, economic and rent growth trends. The ongoing growth in our multifamily portfolio further extends the strategic rotation of capital we have been focusing on for the last 12 months.”
About Preferred Apartment Communities, Inc.
Preferred Apartment Communities, Inc. (NYSE: APTS) is a real estate investment trust engaged primarily in the ownership and operation of Class A multifamily properties, with select investments in grocery anchored shopping centers and Class A office buildings. Preferred Apartment Communities’ investment objective is to generate attractive, stable returns for stockholders by investing in income-producing properties and acquiring or originating real estate loans. As of March 31, 2021, the Company owned or was invested in 117 properties in 13 states, predominantly in the Southeast region of the United States. Learn more at www.pacapts.com.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements may be identified by the use of forward-looking terminology such as "may", "trend", "will", "expects", "plans", "estimates", "anticipates", "projects", "intends", "believes", "goals", "objectives", "outlook" and similar expressions. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements, including risks related to the closing of the transaction and timing thereof. These risks, uncertainties and contingencies include, but are not limited to, (a) the impact of the COVID-19 pandemic and related federal, state and local government actions on PAC’s business operations and the economic conditions in the markets in which PAC operates; (b) PAC’s ability to mitigate the impacts arising from COVID-19; (c) the closing of the sale of seven of our office properties and one real estate loan investment and (d) those disclosed in PAC's filings with the Securities and Exchange Commission. PAC undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as may be required by law.
The SEC has declared effective the registration statement filed by the Company for each of our public offerings. Before you invest, you should read the final prospectus, and any prospectus supplements forming a part of the registration statement and other documents the Company has filed with the SEC for more complete information about the Company and the offering. In particular, you should carefully read the risk factors described in the final prospectus and in any related prospectus supplement and in the documents incorporated by reference in the final prospectus and any related prospectus supplement. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the Company or its dealer manager, Preferred Capital Securities, LLC, will arrange to send you a prospectus with respect to the Series A1/M1 Offering upon request by contacting John A. Isakson at (770) 818-4109, 3284 Northside Parkway NW, Suite 150, Atlanta, Georgia 30327.
The final prospectus for the Series A1/M1 Offering, dated October 22, 2019, can be accessed through the following link: