ATLANTA, Nov. 17, 2016 /PRNewswire/ -- Preferred Apartment Communities, Inc. (NYSE: APTS) ("PAC" or the "Company") today announced that it closed on a loan investment of up to approximately $18.7 million. This investment is in connection with The Altman Companies plans to develop a 392-unit multifamily community located in Tampa, Florida. Additionally, with this investment, PAC received an option to purchase the multifamily community following stabilization at a discounted price to market. The development is part of the Wiregrass master-planned community which has been approved to include, among other things, over 10,000 homes, 2.7 million square feet of retail, one million square feet of industrial, a 138-acre sports complex, and 2.6 million square feet of office, including a campus planned by Raymond James for 750 employees. "The Altman Group is a South Florida based developer of Class A multifamily properties throughout the Southeast U.S. We are excited to partner with The Altman Group," said Daniel M. DuPree, the Company's Vice-Chairman and Chief Investment Officer.
About Preferred Apartment Communities, Inc. Preferred Apartment Communities, Inc. is a Maryland corporation formed primarily to acquire and operate multifamily properties in select targeted markets throughout the United States. As part of our business strategy, we may enter into forward purchase contracts or purchase options for to-be-built multifamily communities and we may make real estate related loans, provide deposit arrangements, or provide performance assurances, as may be necessary or appropriate, in connection with the development of multifamily communities and other properties. As a secondary strategy, we may acquire or originate senior mortgage loans, subordinate loans or real estate loans secured by interests in multifamily properties, membership or partnership interests in multifamily properties and other multifamily related assets and invest not more than 20% of our assets, subject to any temporary increase unanimously approved by our board of directors, in other real estate related investments such as grocery-anchored shopping centers, senior mortgage loans, subordinate loans or real estate loans secured by interests in grocery-anchored shopping centers, membership or partnership interests in grocery-anchored shopping centers and other grocery-anchored shopping center related assets as determined by our manager as appropriate for us. At September 30, 2016, the Company was the approximate 96.5% owner of Preferred Apartment Communities Operating Partnership, L.P., or the Operating Partnership. Preferred Apartment Communities, Inc. has elected to be taxed as a real estate investment trust under the Internal Revenue Code of 1986, as amended, commencing with its tax year ended December 31, 2011.