Preferred Apartment Acquires 246-Unit Complex
- Nov 16, 2015
Preferred Apartment Communities Inc. recently acquired a 246-unit Class A multifamily community in Port Arthur. Stone Creek Apartments was acquired by Main Street through a wholly-owned subsidiary and financed by assuming a first mortgage loan insured by the U.S. Department of Housing and Urban Development.
The first mortgage loan is approximately $16.9 million, bears interest at a fixed rate of 3.75% annually, matures in October of 2044 and amortizes based on a 35-year schedule.
“The Stone Creek acquisition marks our first transaction under the Main Street Apartment Homes strategy that we recently announced. We believe Stone Creek is a perfect first step for this strategy. The HUD debt is attractive and we believe the product quality is excellent. We look forward to complimenting this asset with more acquisitions in the near future,” John Isakson, PAC’s chief capital officer and CEO of the newly formed Main Street Apartment Homes subsidiary, said in a prepared statement
Located at 3035 Lake Arthur Dr., Stone Creek Apartments offers one- and two-bedroom apartments. Community amenities include on-site management, 24-hour emergency maintenance response, resort-style pool, 24-hour fitness center, game room and computer room. The multifamily community was constructed in 2009.
Image courtesy of Stone Creek Apartments