ATLANTA—When you think of Preferred ApartmentCommunities (PAC) you probably think ofmultifamily. But with retailfollowing rooftops the company is pushing on thegrocery-anchored shopping center front.
PAC's Preferred Apartment Communities Operating Partnership hasacquired nine grocery-anchored retail centersacross five states for $125.2 million. The shopping centers are inMiami, Orlando, Tampa, FL, Atlanta, Columbus, GA, Charleston, SC,Nashville, and Houston, areas.
"We're thrilled to have the opportunity to add these assets toour class A multifamily portfolio as part of ouroverall strategy to have a limited portion of the company's assetsallocated to non-multifamily assets,” saysJohn A. Williams, PAC's chairman and CEO. “Webelieve this strategy will position the company to significantlyenhance stockholder value.”
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