Preferred Apartment Communities Buys Tampa Multifamily Property

Preferred Apartment Communities Inc. (NYSE: APTS), a publicly traded REIT and sponsor of alternative investments, has purchased the Lodge at Hidden River, a 300-unit Class A multifamily community in Tampa, Florida that was constructed in 2017.

Preferred Apartment Communities Inc. (NYSE: APTS), a publicly traded REIT and sponsor of alternative investments, has purchased the Lodge at Hidden River, a 300-unit Class A multifamily community in Tampa, Florida that was constructed in 2017.

The company funded the acquisition with a $41.7 million first mortgage loan from The Prudential Insurance Company of America. The loan bears interest at a fixed rate of 4.32 percent per year and matures in October 2028.

“We acquired this newly constructed property through a real estate loan investment PAC made to construct the property over two years ago,” said Jeff Sherman, executive vice president and director of multifamily investments. “We are excited to expand our portfolio in Tampa, which is a market that continues to show strong macro fundamentals.”

“The Lodge at Hidden River not only has high-end finishes and an expansive amenity package, but stands apart from its competition with its preservation of natural wooded greenspace throughout the community,” he added.

The community includes a mix of one-, two-, and three-bedroom units ranging in size from 752 to 1313 square feet. Amenities include a pool and cabana, BBQ and picnic area, bicycle and boat storage, patios and balconies, and gated access.

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.