Preferred Apartment Communities Originates Loan Investment for Georgia Student Housing Development

Preferred Apartment Communities Inc. (NYSE: APTS), a publicly traded REIT and sponsor of alternative investments, has originated a loan investment in connection with a 543-bed, 175-unit student housing community development located near Kennesaw State University in Kennesaw, Georgia.

Preferred Apartment Communities Inc. (NYSE: APTS), a publicly traded REIT and sponsor of alternative investments, has originated a loan investment in connection with Terwilliger Pappas’s plans to develop a 543-bed, 175-unit student housing community located near Kennesaw State University in Kennesaw, Georgia.

The company closed on a loan investment of up to approximately $13.6 million.

Preferred Apartment Communities received an option to purchase the student housing community following stabilization at a discounted price to market. The development is the second project with Terwilliger Pappas at Kennesaw State University and both projects are located within a mile of campus and on the University Bus Line.

“We are pleased to originate another student housing loan investment in a premier location at KSU,” said Jeff Sherman, the Company’s Executive Vice President and Director of Multifamily Investments.  Mr. Sherman added, “We are thrilled for the opportunity to partner again with Terwilliger Pappas, a developer of best-in-class multifamily communities in the Southeast’s most advantageous submarkets.”

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.