Preferred Closed the Sale on 2 Communities Totaling $114M
- Mar 31, 2017
Kansas City, Kan. & Atlanta—Preferred Apartment Communities closed the sale of two multifamily properties located in Kansas City, Kan., and Atlanta for a total of $113.6 million. The properties combined have an annualized return of 19.1 percent. The proceeds from one of the properties sold were deposited into a 1031 exchange account to be used for the acquisition of multiple assets in the future. The 1031 allows the company to defer tax liability on the sale of an asset and more efficiently redeploy its capital.
The first use of these proceeds was for the acquisition of Retreat at Greystone, a 312-unit Class A multifamily community located at 201 Retreat Drive in Birmingham, Ala. The community offers one-, two- and three-bedroom floorplans ranging from 762 to 1,466 square feet, according to Yardi Matrix. Apartment features include open floorplans, kitchens with stainless steel appliances and islands, granite in the kitchens and baths, walk-in showers and soaking tubs, fireplaces, wood flooring, walk-in closets, full size washer/dryers, balcony/patios and one and two car garages with private entrances. Residents have access to amenities such as a salt water pool with cabanas, grilling stations, Wi-Fi in the community areas, a clubhouse, 315 parking spaces, a fitness center, 24-hour maintenance and a resident services center that includes a java bar, package receiving station and a business center.
“The attractive return on the sold properties provides PAC with further opportunities to reinvest our shareholders’ capital into well-located, newly constructed and high-quality multifamily communities in our core markets,” said John Williams, chairman & CEO of Preferred Apartment Communities.
Image courtesy of Yardi Matrix