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Preferred Apartment Communities, Inc. Announces Effectiveness Of Unit Offering Registration Statement





ATLANTA, Nov. 22, 2011 /PRNewswire/ -- Preferred Apartment Communities, Inc., or PAC (AMEX: APTS), today announced that its registration statement on Form S-11, originally filed with the Securities and Exchange Commission, or the SEC, on September 1, 2011, as amended (Registration No. 333-176604), or the Registration Statement, was declared effective by the SEC on November 18, 2011. 

(Logo:  http://photos.prnewswire.com/prnh/20110420/HS87275LOGO )

The Registration Statement allows PAC to offer a minimum of 2,000 and a maximum of 150,000 Units, with each Unit consisting of one share of Series A Redeemable Preferred Stock and one warrant to purchase 20 shares of PAC's common stock.  PAC's common stock is currently traded on the NYSE AMEX under the symbol APTS.  The price per Unit is $1,000.  The Series A Redeemable Preferred Stock will rank senior to PAC's common stock with respect to payment of dividends and distribution of amounts upon liquidation, dissolution and winding up.   The Units are being offered by International Assets Advisory, LLC, the dealer manager of the offering, on a "reasonable best efforts" basis.

About Preferred Apartment Communities, Inc.

PAC is a Maryland corporation formed primarily to acquire and operate multifamily properties in select targeted markets throughout the United States and intends to qualify as a real estate investment trust for U.S. federal income tax purposes, or REIT, commencing with its tax year ending December 31, 2011.  As part of PAC's property acquisition strategy, it may use part of the proceeds from the offering pursuant to the Registration Statement to enter into forward purchase contracts or purchase options for to-be-built multifamily communities and make mezzanine loans, provide deposit arrangements, or provide performance assurances, as may be necessary or appropriate, in connection with the construction of these properties.  As a secondary strategy, PAC may use part of the proceeds from the offering pursuant to the Registration Statement to acquire senior mortgage loans, subordinate loans or mezzanine debt secured by interests in multifamily properties, membership or partnership interests in multifamily properties and other multifamily related assets.

Forward-Looking Statements

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. As a general matter, forward-looking statements reflect our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. These statements may be identified by the use of forward-looking terminology such as "may", "will", "expects", "plans", "estimates", "anticipates", "projects", "intends", "believes", "outlook" and similar expressions.

The forward-looking statements contained in this press release are based upon our historical performance, current plans, estimates, expectations and other factors we believe are appropriate under the circumstances. The inclusion of this forward-looking information is inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. Statements regarding PAC's business, intended use of proceeds, investment strategy and ability to qualify as a REIT, among others, may be forward-looking.

THIS IS NEITHER AN OFFER TO SELL NOR AN OFFER TO BUY ANY SECURITIES OF Preferred Apartment Communities, Inc. ANY SUCH OFFERING MAY ONLY BE MADE BY MEANS OF A WRITTEN PROSPECTUS.  THERE SHALL BE NO SALE OF THESE SECURITIES IN ANY STATE OR JURISDICTION IN WHICH SUCH AN OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH STATE OR JURISDICTION.  A COPY OF THE PROSPECTUS RELATING TO THE OFFERING MAY BE OBTAINED FROM THE SEC'S WEBSITE AT WWW.SEC.GOV OR BY CONTACTING THE FOLLOWING:

Roger Overby HarborLight Capital Markets, LLC Managing Director, Investment Banking 2502 Rocky Point Dr., Suite 560 Tampa, FL 33607 813-443-4920 (Office) 813-220-1223 (Cell) 813-600-1413 (Fax)



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