Benzinga | Sep 28, 2021 04:31PM EDT

Preferred Apartment Communities, Inc. Acquires A 256-Unit Multifamily Community In The Charlotte, North Carolina MSA

Preferred Apartment Communities, Inc. (NYSE:APTS) ("PAC" or the "Company") today announced that on September 17, 2021 it completed the acquisition of Solis Chestnut Farm, a 256-Unit Class A multifamily community in the Charlotte, North Carolina MSA.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210928006096/en/

Solis Chestnut Farm - Charlotte, NC (Photo: Business Wire)

Jeff Sherman, the Company's President of Multifamily said, "Chestnut Farm is a second-to-none, Class A property in the affluent Charlotte suburb of Matthews. Additionally, Chestnut Farm is uniquely advantaged with an inimitable amenity -- a 265-acre park directly connected to the property, providing our residents a true live-play experience." Mr. Sherman continued, "Charlotte is a target market for us that has seen, and we believe will continue to see, tremendous population and job growth. This acquisition provides us with the premier property in a rapidly growing Charlotte submarket and positions us to fully capitalize on these favorable demographic tailwinds."

Joel Murphy, the Company's Chairman and Chief Executive Officer said, "Now, with the acquisition of Chestnut Farm in Charlotte, we have acquired, in the first three quarters of the year, five properties totaling 1,278 units in five of our target MSAs -- Atlanta, Dallas-Fort Worth, Nashville, Washington, and Charlotte -- bringing our total portfolio unit count to over 12,000 across 10 states." Mr. Murphy added, "Four of these acquisitions resulted from our real estate loan investment program and reinforces the intrinsic value of this program to not only provide us with accretive returns during the loan term, but also to build out our proprietary acquisition pipeline. These five acquisitions are a result of the Company's strategic rotation of capital away from non-core investments into our growing core multifamily business and our intentional focus on certain key Sunbelt markets that we believe will deliver outsized growth over the near and long term."