Benzinga | Sep 21, 2021 04:30PM EDT

Preferred Apartment Communities Acquires A 240-Unit Multifamily Community In Washington, D.C. MSA

Preferred Apartment Communities, Inc. (NYSE:APTS) ("PAC" or the "Company") today announced that on September 16, 2021, it completed the acquisition of The Kingson, a 240-Unit Class A multifamily community in Fredericksburg, Virginia.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210921006090/en/

The Kingson - Fredericksburg, VA (Photo: Business Wire)

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."