Preferred Apartment Buys Wells Fargo Capitol Center With $114M Loan
“We aggressively seek opportunities like this one where both the property and the market are poised for growth."
RALEIGH, NC–Preferred Apartment Communities has acquired Wells Fargo Capitol Center in the Central Business District here.
The purchase price was not disclosed, but the company financed the acquisition via a $114.4 million non-recourse first mortgage loan from New York Life Insurance Co.
Wells Fargo Capitol Center is a 559,591 square foot office building, and has 29 stories. The tower is currently leased to a mix of tenants representing financial services, law, technology, government and other industries.
This purchase increases the size of Preferred Apartment Communities’ office portfolio to six assets, which total at about 2.1 million square feet. The REIT acquired this office building through its wholly-owned subsidiary, Preferred Office Properties, LLC.
Boone DuPree, the CEO of Preferred Office Properties, stated, “We aggressively seek opportunities like this one where both the property and the market are poised for growth.” He added that the company hopes that this acquisition is the first of many in Raleigh and in North Carolina