Home Alts News Preferred Apartment Communities Buys Second Phase of Charlotte Multifamily Property

Preferred Apartment Communities Buys Second Phase of Charlotte Multifamily Property

Preferred Apartment Communities Inc. (NYSE: APTS), a publicly traded REIT and sponsor of alternative investments, has purchased CityPark View South, a 200-unit Class A multifamily community in Charlotte, North Carolina.

image_pdf

Preferred Apartment Communities Inc. (NYSE: APTS), a publicly traded REIT and sponsor of alternative investments, has purchased CityPark View South, a 200-unit Class A multifamily community in Charlotte, North Carolina.

PAC financed the acquisition utilizing a $24.1 million non-recourse first mortgage loan from Prudential Affordable Mortgage Company. The loan bears interest at a fixed rate of 4.51 percent per year, matures in June 2029, and amortizes based on a 30-year schedule.

Constructed in 2017, CityPark View South’s amenities include a saltwater pool, clubhouse, 24-hour package locker system, and stainless steel appliances.

“The opportunity to acquire this new and attractive community came through a real estate loan investment that PAC made for the development of the community over two years ago and once again demonstrates the imbedded value inherent in these loans,” said Jeff Sherman, executive vice president and director of multifamily investments for PAC.

He added, “CityPark View South is the second phase to PAC’s existing CityPark View asset, creating operational efficiencies for both communities, and brings the total unit count to 484 between the two properties.”

PAC purchased the first phase of CityPark View earlier this year for approximately $32.7 million.

Preferred Apartment Communities was formed primarily to acquire and operate multifamily properties in targeted markets throughout the United States.

For more Preferred Apartment Communities news, visit their directory page here.