Preferred Apartment Communities Acquires 296-Unit Multifamily Community in Tampa, Florida

TAMPA, FL – Preferred Apartment Communities announced that it acquired a recently constructed 296-unit Class A multifamily community in Tampa, Florida named Broadstone Citrus Village.

“We believe this is a high quality, Class A community in a dynamic location,” said John A. Williams, the Chairman and Chief Executive Officer for PAC. Mr. Williams added, “The addition of Citrus Village to our portfolio demonstrates our continued focus on acquiring newly constructed and accretive Class A multifamily communities in strong submarkets.”

Broadstone Citrus Village is a contemporary apartment community consisting of 1, 2, and 3 bedroom apartment homes with all the comforts and conveniences traditionally found in the most established neighborhoods. In addition to the graceful architecture and beautifully refined residences, Broadstone Citrus Village offers a world class collection of amenities and an enviable resort lifestyle – all in the heart of Citrus Park.

PAC financed the acquisition by assuming the existing first mortgage loan from New York Life Insurance Company, with an outstanding principal balance of approximately $30.25 million that has a maturity date of May 1, 2023, and a fixed interest rate of 3.65% per annum. There are no loan guaranties provided by PAC or its operating partnership.

Preferred Apartment Communities was formed primarily to acquire and operate multifamily properties in select targeted markets throughout the United States. As part of our business strategy, they may enter into forward purchase contracts or purchase options for to-be-built multifamily communities and may make real estate related loans, provide deposit arrangements, or provide performance assurances, as may be necessary or appropriate, in connection with the development of multifamily communities and other properties.