PAC Expands Tampa-Area Holdings
The company acquired Altis Wiregrass Ranch, a 392-unit multifamily community in Wesley Chapel, Fla.
Altis Wiregrass Ranch
Preferred Apartment Communities has acquired Altis Wiregrass Ranch, a 392-unit Class A multifamily community in Wesley Chapel, Fla.
The new acquisition is located at 28878 Golden Vista Blvd. within Wiregrass Ranch, a mixed-use community that spans over 5,000-acres and includes schools and medical facilities, as well as destination shopping and dining venues.
Altis Wiregrass Ranch offers a mix of one-, two-, and three-bedroom units, with select residences featuring direct access to garages. Features in the units include stainless-steel appliances, washer-dryers, private balconies and patios. Residents have access to a resort-style pool, fitness center, pet park, theater, recreation room and playground. Additionally, the community includes cabanas and package lockers.
The transaction was financed through a first mortgage loan held by Nationwide Life Insurance Co. The loan has a fixed rate of 2.9 percent per annum for a 10-year term, with an amortization period of 30 years.
Last month, PAC secured a $39.3 million refinancing package for a Nashville community.
