PAC to Invest $18M in Atlanta Development
- Aug 03, 2017
Preferred Apartment Communities closed on an aggregate loan investment of $17.9 million in connection with Newport Development Partners’ plan to develop a new Class A residential community in Atlanta.
In addition to the investment, Preferred Apartment Communities also received the option to purchase the 258-unit community at a discounted price compared to the market, following its stabilization.
“This is a wonderful location in Lindbergh, a great submarket of Atlanta, and will be a phenomenal asset when completed,” said John Williams, chief executive officer of PAC, in prepared remarks.
Earlier this year, Preferred Apartment Communities purchased several properties including Luxe Lakewood Ranch in Bradenton, Fla.; Claiborne Crossing in Louisville, Ky.; and Founders Village in Williamsburg, Va.
Image courtesy of Preferred Apartment Communities