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Preferred Apartment Communities is selling a portfolio of seven office properties and one office real estate loan investment to Highwoods Properties for $717.5 million, including the assumption of debt.

Joel T. Murphy, Preferred Apartment Communities’ president and CEO, says the sale continues a simplification strategy that began when the company sold its student housing portfolio in 2020. Once the Highwoods deal closes in Q3 2021, PAC’s portfolio will be further focused on Class A suburban Sunbelt multifamily business and its 100% grocery-anchored Sunbelt retail investments.

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