Preferred Apartment Communities, Inc. Acquires a 256-Unit Multifamily Community in the Charlotte, North Carolina MSA
Preferred Apartment Communities, Inc. (NYSE:APTS) ("PAC" or the "Company") today announced that on September 17, 2021 it completed the acquisition of Solis Chestnut Farm, a 256-Unit Class A multifamily community in the Charlotte, North Carolina MSA.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210928006096/en/
Solis Chestnut Farm - Charlotte, NC (Photo: Business Wire)
Jeff Sherman, the Company's President of Multifamily said, "Chestnut Farm is a second-to-none, Class A property in the affluent Charlotte suburb of Matthews. Additionally, Chestnut Farm is uniquely advantaged with an inimitable amenity – a 265-acre park directly connected to the property, providing our residents a true live-play experience." Mr. Sherman continued, "Charlotte is a target market for us that has seen, and we believe will continue to see, tremendous population and job growth. This acquisition provides us with the premier property in a rapidly growing Charlotte submarket and positions us to fully capitalize on these favorable demographic tailwinds."
Joel Murphy, the Company's Chairman and Chief Executive Officer said, "Now, with the acquisition of Chestnut Farm in Charlotte, we have acquired, in the first three quarters of the year, five properties totaling 1,278 units in five of our target MSAs – Atlanta, Dallas-Fort Worth, Nashville, Washington, and Charlotte – bringing our total portfolio unit count to over 12,000 across 10 states." Mr. Murphy added, "Four of these acquisitions resulted from our real estate loan investment program and reinforces the intrinsic value of this program to not only provide us with accretive returns during the loan term, but also to build out our proprietary acquisition pipeline. These five acquisitions are a result of the Company's strategic rotation of capital away from non-core investments into our growing core multifamily business and our intentional focus on certain key Sunbelt markets that we believe will deliver outsized growth over the near and long term."
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. Preferred Apartment Communities' investment objective is to generate attractive, stable returns for stockholders by investing in income-producing properties and acquiring or originating multifamily real estate loans. As of June 30, 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.
Forward-Looking Statements
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. 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; and (c) 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.
Additional Information
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:
https://www.sec.gov/Archives/edgar/data/1481832/000148183219000097/a424b5-2019seriesamshares.htm
View source version on businesswire.com: https://www.businesswire.com/news/home/20210928006096/en/