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Preferred Apartment Communities buys Citypark View
By: PRNewswire//July 6, 2015//
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Preferred Apartment Communities Inc. has purchased Citypark View, a newly constructed 284-unit class A multifamily community near Renaissance Park for $32.7 million.
Built in 2013, Citypark View is 96 percent occupied and has one- and two-bedroom apartments ranging from 742 to 1,282 square feet with rents between $968 and $1,548.
PAC acquired the community through a wholly-owned subsidiary and financed the acquisition utilizing a first mortgage loan from Jones Lang LaSalle, which intends to assign the loan to Freddie Mac within 60 days.
Preferred Apartment Communities, Inc. is a Maryland corporation formed primarily to acquire and operate multifamily properties in targeted markets throughout the U.S.
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