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Preferred Picks Up 392-Unit Multifamily Community in Tampa
Atlanta-based Preferred Apartment Communities, Inc. (PAC) acquired Altis Wiregrass Ranch, a newly-constructed 392-unit Class A multifamily community in Tampa. PAC purchased the asset all cash, net of the full payment of its loan investment and all accrued interest.
Preferred Apartment Communities’ Jeff Sherman says, “Despite the current near-term environment, our financial involvement in the development of this property since inception gives us a deep understanding of the positive long-term attributes of this best-in-class community and the growing market area around it. The opportunity to acquire it came through a real estate loan investment that PAC made for the development of the property over two years ago, and once again illustrates the imbedded value inherent in these loans.”
PAC executed a rate lock with Nationwide for a first mortgage loan bearing interest at a fixed rate of 2.90% per year for a 10-year term that amortizes based on a 30-year schedule. PAC expects to close this loan during Q2 2020.
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- ◦Sale/Acquisition
