Florida & Gulf Coast + Gulf Coast + Finance | May 4, 2020

Preferred Picks Up Panama City Beach MF

Atlanta-based Preferred Apartment Communities, Inc. (PAC) acquired Parkside at the Beach, a 288-unit Class A multifamily community in Panama City Beach, FL. PAC purchased the 2019-built asset utilizing a first mortgage loan from Freddie Mac at a fixed rate of 2.95% per year for a 10-year term. The loan is interest-only during the first two years and amortizes on a 30-year schedule.

PAC’s Jeff Sherman notes they identified the asset in late 2019 and committed to it with non-refundable earnest money in a pre-COVID environment. They secured favorable Freddie Mac financing in February 2020. He says, “The combination of these factors, along with very strong April 2020 rent collections, led us to follow through on our commitment to acquire an asset on attractive terms consistent with our multifamily strategy of acquiring well-performing Class A multifamily communities in the Sunbelt.”

The property fronts Highway 98 and is near Pier Park, Simon Property Group’s more than two-million-square-foot destination open-air shopping center.

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Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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