Preferred Apartment Communities Buys Multifamily Property Near Atlanta

Preferred Apartment Communities has purchased The Ellison, a multifamily community in the Atlanta suburb of Kennesaw, Georgia.

Preferred Apartment Communities Inc. (NYSE: APTS), a publicly traded real estate investment trust and sponsor of alternative investments, has purchased The Ellison, a 250-Unit Class A multifamily community in the Atlanta suburb of Kennesaw, Georgia. The purchase price was not disclosed.

The Ellison is comprised of one-, two-, and three-bedroom units with patios, and property amenities include a saltwater pool with sun decks, bike storage areas, micro-offices, a pet spa, and fitness studio. The property is currently 100 percent leased.

The acquisition increases the REIT’s total multifamily units to 11,400 and increases multifamily units in the Atlanta MSA to 1,811, or approximately 15.9 percent of the total multifamily portfolio.

“The Ellison is another best-in-class investment that squarely fits within our strategy to acquire newly constructed suburban Sunbelt properties,” said Jeff Sherman, president of multifamily. “[Preferred Apartment Communities] also served as The Ellison’s property manager overseeing a very successful lease-up, where 100 percent leased status was attained in less than 6 months.”

He added, “The opportunity to acquire The Ellison came through a real estate loan investment that [Preferred Apartment Communities] made for the development of the community in 2019 and once again underscores the significant value from the embedded pipeline inherent in these loans.”

Preferred Apartment Communities invests primarily in Class A multifamily properties, with select investments in grocery-anchored shopping centers and Class A office buildings. As of March 31, 2021, the company owned or was invested in 117 properties in 13 states, predominantly in the Southeast region of the United States.

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