Preferred Putting $16M into 224 Units

Atlanta, GA-headquartered Preferred Apartment Communities Inc. (PAC) closed an aggregate loan investment of up to $15.6 million. The financing will help 360 Residential to develop a 224-unit, Class A multifamily property in Fort Myers, FL.

The as-yet unnamed property will be situated on 20 acres at Summerlin and Pine Ridge Roads, according to 360 Residential’s website. The asset will offer amenities including an oversized salt-water pool, grilling stations, a fire pit and 24-hour fitness center.

The investment also gives PAC an option to acquire the apartment complex at a discounted price to market, following stabilization. “This is an exciting opportunity to originate an investment in the growing sub-market of Fort Myers, Florida,” said Jeff Sherman, PAC’s executive vice president and director of multi-family investments.

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