Preferred Apartment Communities, Inc. Announces Investment in San Jose, California Multifamily Development
ATLANTA, Feb. 13, 2018 /PRNewswire/ — Preferred Apartment Communities, Inc. (NYSE: APTS) (“PAC” or the “Company”) today announced that it closed on a loan investment of up to approximately $137.5 million. This investment is in connection with the development of a 551-unit Class A multifamily community with approximately 39,000 square feet of retail space in San Jose, California. The property is located near US Highway 101 within the Market Park San Jose master-planned community next to the new Berryessa BART transit station, a walking distance train station that will connect the project to the entire San Francisco Bay area. The owner of the property is a joint venture between Western National Group and Anchor Real Estate Capital.
“This project is strategically located to provide San Jose residents with high-quality suburban housing in close proximity to public transit, multiple parks, restaurants and employment centers,” said John A. Williams, the Company’s Chief Executive Officer. Mr. Williams added, “We are proud to provide financial support for Western National’s newest apartment project, and look forward to continuing our lending relationship with such a well-respected company that has been an integral part of the multifamily business for 60 years.”
About Preferred Apartment Communities, Inc.
Preferred Apartment Communities, Inc. is a Maryland corporation formed primarily to acquire and operate multifamily properties 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 and other properties. 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, 2017, the Company was the approximate 97.5% 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.
About Western National Group
Western National Group is a 60-year-old, fully-integrated multifamily acquisition, development, construction and property management firm headquartered in Irvine, California. Western National Group is one of the nation’s largest multifamily owners/developers. Since its inception, the company has acquired or developed more than 50,000 apartment units. Western National Group has a portfolio under management of approximately 23,000 apartment units. The company maintains relationships with several institutional, public, and private capital partners. Additional information is available at www.wng.com.
About Anchor Real Estate Capital
Anchor Real Estate Capital is a private equity investment management firm focusing on the acquisition, development, and management of real estate assets in the United States. Headquartered in Irvine, California, Anchor facilitates Asian capital (institutional, family offices, and high net worth investors) investment into the Unites States. Anchor currently targets residential development opportunities including market-rate multifamily, student housing, senior housing in key West Coast markets. Additional information is available at www.anchorrecapital.com.
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.
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 and Series A Redeemable Preferred Stock and Warrant Unit Offering, and JonesTrading Institutional Services LLC, with respect to PAC’s ATM Common 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 ATM Common Stock Offering prospectus, dated July 18, 2016, including a base prospectus, dated May 17, 2016, can be accessed through the following link:
The mShares Redeemable Preferred Stock Offering prospectus, dated January 19, 2017, can be accessed through the following link:
The Series A Redeemable Preferred Stock and Warrant Unit Offering prospectus, dated March 16, 2017, can be accessed through the following link:
SOURCE Preferred Apartment Communities, Inc.