ATLANTA, Jan. 29, 2020 /PRNewswire/ -- Preferred
Apartment Communities, Inc. (NYSE: APTS) ("PAC" or the "Company")
announced its acquisition of Wakefield Crossing, a grocery-anchored
shopping center in Raleigh, North
Carolina. The 75,927 square foot Wakefield Crossing Shopping
Center is anchored by Food Lion, the top market share grocer in
Raleigh. This high barrier to
entry location is strategically positioned at the entrance of the
master planned Wakefield community, home to Wakefield Elementary,
Middle and High Schools. The center is surrounded by very affluent
demographics, has ideal access, and has 692 linear feet of frontage
along Falls of Neuse Road which carries over 29,000 vehicles per
day.
PAC made this investment through its wholly owned indirect
subsidiary New Market Properties, LLC. Michael Aide, Executive Vice
President & Managing Director of New Market said, "Wakefield
Crossing Shopping Center is our third shopping center in the
Raleigh MSA. We now own 53 grocery-anchored centers, all of which
are consistent with our strategy to acquire well-positioned
grocery-anchored centers in suburban Sunbelt and Mid-Atlantic
markets with strong demographics that are anchored by market
leading grocers."
PAC financed the acquisition utilizing a first mortgage loan
from Aegon Life Insurance Company.
About New Market Properties, LLC
New Market Properties, LLC is a wholly owned indirect subsidiary
of Preferred Apartment Communities, Inc. and is focused on the
grocery anchored shopping center sector. New Market currently owns
and operates a portfolio of grocery anchored shopping centers in
nine states. New Market's strategy is to prudently grow and operate
its existing portfolio throughout the Mid-Atlantic, Southeast and
Texas. New Market targets high
quality suburban markets with dominant grocers such as Publix,
Kroger, Harris Teeter, Tom Thumb,
HEB, and Giant Food.
About Preferred Apartment Communities, Inc.
Preferred Apartment Communities, Inc. is a Maryland corporation formed primarily to own
and operate multifamily properties and, to a lesser extent, own and
operate student housing properties, grocery anchored shopping
centers and strategically located, well leased Class A office
buildings, all in select targeted markets throughout the United States. As part of our
business strategy, we may enter into forward purchase contracts or
purchase options for to-be-built multifamily communities and we may
make real estate related loans, provide deposit arrangements, or
provide performance assurances, as may be necessary or appropriate,
in connection with the development of multifamily
communities. As a secondary strategy, we may acquire or
originate senior mortgage loans, subordinate loans or real estate
loans secured by interests in multifamily properties, membership or
partnership interests in multifamily properties and other
multifamily related assets and invest a lesser portion of our
assets in other real estate related investments, including other
income-producing property types, senior mortgage loans, subordinate
loans or real estate loans secured by interests in other
income-producing property types, membership or partnership
interests in other income-producing property types as determined by
our manager as appropriate for us. At September 30, 2019, the Company was the
approximate 98.2% owner of Preferred Apartment Communities
Operating Partnership, L.P., the Company's operating
partnership. Preferred Apartment Communities, Inc. has
elected to be taxed as a real estate investment trust under the
Internal Revenue Code of 1986, as amended, commencing with its tax
year ended December 31, 2011.
Learn more at www.pacapts.com.
Forward-Looking Statements
This press release may contain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. These
statements may be identified by the use of forward-looking
terminology such as "may", "trend", "will", "expects", "plans",
"estimates", "anticipates", "projects", "intends", "believes",
"goals", "objectives", "outlook" and similar expressions.
Because such statements include risks, uncertainties and
contingencies, actual results may differ materially from the
expectations, intentions, beliefs, plans or predictions of the
future expressed or implied by such forward-looking statements.
These risks, uncertainties and contingencies include, but are not
limited to, those disclosed in PAC's filings with the Securities
and Exchange Commission. PAC undertakes no obligation to update
these forward-looking statements to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated
events, except as may be required by law.
Additional Information
The SEC has declared effective the registration statement
(including prospectus) filed by the Company for each of the
offerings to which this communication may relate. Before you
invest, you should read the final prospectus, and any prospectus
supplements, forming a part of the registration statement and other
documents the Company has filed with the SEC for more complete
information about the Company and the offering to which this
communication may relate. In particular, you should carefully
read the risk factors described in the final prospectus and in any
related prospectus supplement and in the documents incorporated by
reference in the final prospectus and any related prospectus
supplement to which this communication may relate. You may obtain
these documents for free by visiting EDGAR on the SEC website at
www.sec.gov. Alternatively, the Company or its dealer
manager, Preferred Capital Securities, LLC, with respect to PAC's
mShares Redeemable Preferred Stock Offering, Series A Redeemable
Preferred Stock and Warrant Unit Offering, and Series A1/M1
Redeemable Preferred Stock Offering, will arrange to send you a
prospectus if you request it by calling Leonard A. Silverstein at (770) 818-4100, 3284
Northside Parkway NW, Suite 150, Atlanta,
Georgia 30327.
The Series A Redeemable Preferred Stock and Warrant Unit
Offering prospectus, dated March 16,
2017, can be accessed through the following link:
https://www.sec.gov/Archives/edgar/data/1481832/000148183217000061/a424prospectus-15bseriesar.htm
The Series A1/M1 Redeemable Preferred Stock Offering prospectus,
dated October 22, 2019, can be
accessed through the following link:
https://www.sec.gov/Archives/edgar/data/1481832/000148183219000097/a424b5-2019seriesamshares.htm
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SOURCE Preferred Apartment Communities, Inc.