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| Maynard Crossing Shopping Center, Maynard and High House Road, Cary, NC |
ATLANTA, GA -- Preferred
Apartment Communities, Inc. (NYSE: APTS) ("PAC" or the
"Company") announced the acquisition on August 25, 2017 of Maynard Crossing, an approximately
122,781 square foot shopping center located in the affluent Raleigh submarket
of Cary, North Carolina and anchored by a 55,973 square foot Kroger grocery
store.
Maynard Crossing is strategically located at
the corner of Maynard and High House Road, a major intersection with over
43,000 cars per day.
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| Joel T. Murphy |
PAC acquired this asset
through its wholly-owned subsidiary New Market Properties, LLC. Joel T. Murphy, President and Chief
Executive Officer of New Market said about the acquisition, "We are
pleased to further expand into North Carolina, with the Raleigh MSA being the 11th
fastest growing in the US and we believe the tenants at Maynard Crossing will
continue to benefit from the surrounding dense three mile population of
approximately 90,000 people with household incomes of over $107,000."
Mr. Murphy added,
"The acquisition of Maynard Crossing increases the size of our retail
portfolio to 35 grocery-anchored shopping centers across seven Sunbelt states,
consistent with our strategy to acquire well-positioned grocery-anchored
shopping centers in suburban Sunbelt markets with strong demographics."
The Company financed the
acquisition utilizing a non-recourse first mortgage loan from Principal
Financial Group. The first mortgage loan
is approximately $18.5 million, bears interest at fixed rate of 3.74% per annum
and matures on September 1, 2032. There
are no loan guaranties provided by PAC or its operating partnership.
For more information on this news release, please contact:
Caroline Moore • The
Wilbert Group
1720 Peachtree St., Suite
350 • Atlanta, GA 30309
O: 404-254-1484 • M:
843-360-9851
http://www.thewilbertgroup.com/
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