Preferred Apartment Communities Adds Florida Multifamily
The purchase increases Preferred’s multifamily portfolio to 33 multifamily communities across 10 states. The company financed the acquisition utilizing a non-recourse first mortgage loan from MetLife Investment Management on behalf of a client.
MELBOURNE, FL— Preferred Apartment Communities, Inc. of Atlanta has acquired the newly-built 259-unit multifamily community Artistry at Viera here.
The development, built in 2018, is located in the Viera submarket of Melbourne, a 22,000-acre master planned community located in the central coastal region of Brevard County.
The purchase increases Preferred’s multifamily portfolio to 33 multifamily communities across 10 states. The company financed the acquisition utilizing a non-recourse first mortgage loan from MetLife Investment Management on behalf of a client.
The first mortgage loan is for a 10-year term and amortizes over a 30-year period. There are no loan guaranties provided by PAC or its operating partnership. No further financial details of the transaction were disclosed.
Jeff Sherman, EVP and managing director of multifamily of Preferred Apartment Communities, states, “Coastal Florida markets continue to demonstrate sound investment fundamentals and Melbourne is no different. Artistry at Viera is exceptionally well located, surrounded by affluent demographics, and is proximate to top rated schools, parks, shops and restaurants. The property features high quality interior finishes and a best in class amenity package.”
In late July, Preferred Apartment Communities acquired CapTrust Tower, a 300,389 square foot office building located in the North Hills submarket of Raleigh, NC. Developed in 2010, the 16-story property includes nine levels of office space atop a six-level parking podium and popular ground floor retail. The property is currently 100% leased with more than seven years of contractual, weighted average term remaining under the leases. Kane Realty Corporation will lease and manage the building.
PAC acquired CapTrust Tower through its subsidiary, Preferred Office Properties.
Boone DuPree, president and CEO for Preferred Office Properties, stated: “Raleigh is a strategic market for the company, and this ‘core’ profile acquisition grows our local presence and offers entry into the high performing North Hills submarket, which is a one-of-a-kind environment with unmatched walkable amenities for our customers.”