Preferred Apartment Communities acquired a recently constructed 296-unit Class A multifamily community in Tampa, Florida named Broadstone Citrus Village. "We believe this is a high quality, Class A community in a dynamic location," said John A. Williams, the Chairman and Chief Executive Officer for PAC.
Mr. Williams added, "The addition of Citrus Village to our portfolio demonstrates our continued focus on acquiring newly constructed and accretive Class A multifamily communities in strong submarkets."
PAC financed the acquisition by assuming the existing first mortgage loan from New York Life Insurance Company, with an outstanding principal balance of approximately $30.25 million that has a maturity date of May 1, 2023, and a fixed interest rate of 3.65% per annum. There are no loan guaranties provided by PAC or its operating partnership.
Preferred Apartment Communities, Inc. is a Maryland corporation formed primarily to acquire and operate multifamily properties in select targeted markets throughout the United States.