Maryland Investor Acquires Atlanta Apartments
- Oct 04, 2017
Preferred Apartment Communities Inc. (PAC) has acquired a 300-unit multifamily community in Marietta, Ga., Aldridge at Town Village. The property was completed in 2016 by Atlanta-based Newport Development Partners.
Aldridge at Town Village includes one-, two- and three-bedroom units. Common amenities include saltwater pool, fitness center with cardio areas and yoga studio, business center and fire pit with outdoor seating. The property also has an electric vehicle charging station and direct access to the Noonday Creek Trail, and is adjacent to Kennesaw National Battlefield Park, which connects to the 94-mile Silver Comet Trail that connects western Georgia with central Alabama.
“This is a brand-new property that we originated a real estate loan investment on over two years ago,” said Leonard A. Silverstein, the president and COO for PAC. He added that the acquisition is part of the company’s investment program, focusing on newly constructed multifamily communities.
PAC financed the acquisition using its revolving credit facility with Freddie Mac and KeyBank. The facility provides for aggregate borrowings of up to $200 million, subject to increasing to $300 million at KeyBank’s discretion. For the acquisition of Aldridge at Town Village, PAC borrowed about $37.9 million on the facility.
Maryland-based PAC acquires and operates multifamily properties in various U.S. markets throughout the United States. The company also acquires and originates senior mortgage loans, subordinate loans or real estate loans secured by interests in multifamily properties.