FREDERICKSBURG, VA – Preferred Apartment Communities announced that it completed the acquisition of The Kingson, a 240-Unit Class A multifamily community in Fredericksburg, Virginia.
Jeff Sherman, the Company s President of Multifamily said, The Kingson offers upscale housing in Fredericksburg, an historic and growing suburb of Washington, D.C. Mr. Sherman continued, The Kingson had a rapid lease-up and will continue to benefit from its immediate location nearby quality grocery and retail operators like Publix, Target and Starbucks. It is also located within minutes of a 133-bed regional hospital and within a short commute to the Virginia Railway Express Station, which serves downtown Washington.
John A. Isakson, the Company s Chief Financial Officer said, Our real estate loan investment program continues to produce accretive returns, as well as a productive pipeline of excellent assets for our portfolio. This acquisition also reinforces our stated strategy of simplifying our platform by rotating capital from non-core investments into our core multifamily business.
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