Preferred Apartment Communities, Inc. (NYSE: APTS) (“PAC” or the “Company”) today announced that on May 28, 2021 it closed on a real estate loan investment of up to approximately $17.0 million in connection with Novare Group’s plans to develop Populus at Pooler, a 316-unit, surface parked Class A multifamily community located in the Savannah, Georgia MSA, expected to deliver first units in the fall of 2022. The loan investment has an outside maturity date of May 28, 2025, co-terminus with the construction loan.
Jeff Sherman, the Company’s President of Multifamily said “We are excited to expand our footprint into the Savannah submarket, which has seen significant growth in recent years. Savannah benefits from a diverse economy, driven by the Port of Savannah, the 3rd largest port in the country, as well as manufacturing, aerospace and tourism industries.”
The project is additionally capitalized with a construction loan and a significant equity contribution from the sponsor, Novare Group, a preeminent multifamily developer. Mr. Sherman added, “We believe that continued and select real estate loan investments are an effective use of our capital and should provide us with an attractive and accretive return on our investment, and further provides us the opportunity to acquire Class A multifamily communities in growing sunbelt markets, consistent with our long-term multifamily strategy.”
About Preferred Apartment Communities, Inc.
Preferred Apartment Communities, Inc. (NYSE: APTS) is a real estate investment trust engaged primarily in the ownership and operation of Class A multifamily properties, with select investments in grocery-anchored shopping centers and Class A office buildings. Preferred Apartment Communities’ investment objective is to generate attractive, stable returns for stockholders by investing in income-producing properties and acquiring or originating real estate loans. As of March 31, 2021, the Company owned or was invested in 117 properties in 13 states, predominantly in the Southeast region of the United States. Learn more at www.pacapts.com.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements may be identified by the use of forward-looking terminology such as “may”, “trend”, “will”, “expects”, “plans”, “estimates”, “anticipates”, “projects”, “intends”, “believes”, “goals”, “objectives”, “outlook” and similar expressions. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements, including risks related to the closing of the transaction and timing thereof. These risks, uncertainties and contingencies include, but are not limited to, (a) the impact of the COVID-19 pandemic and related federal, state and local government actions on PAC’s business operations and the economic conditions in the markets in which PAC operates; (b) PAC’s ability to mitigate the impacts arising from COVID-19; (c) the closing of the sale of seven of our office properties and one real estate loan investment and (d) those disclosed in PAC’s filings with the Securities and Exchange Commission. PAC undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as may be required by law.
The SEC has declared effective the registration statement filed by the Company for each of our public offerings. Before you invest, you should read the final prospectus, and any prospectus supplements forming a part of the registration statement and other documents the Company has filed with the SEC for more complete information about the Company and the offering. In particular, you should carefully read the risk factors described in the final prospectus and in any related prospectus supplement and in the documents incorporated by reference in the final prospectus and any related prospectus supplement. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the Company or its dealer manager, Preferred Capital Securities, LLC, will arrange to send you a prospectus with respect to the Series A1/M1 Offering upon request by contacting John A. Isakson at (770) 818-4109, 3284 Northside Parkway NW, Suite 150, Atlanta, Georgia 30327.
The final prospectus for the Series A1/M1 Offering, dated October 22, 2019, can be accessed through the following link:
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Preferred Apartment Communities, Inc.
John A. Isakson 770-818-4109
Chief Financial Officer
Preferred Apartment Communities, Inc.
Paul Cullen 770-818-4144
Executive Vice President-Investor Relations