rainn.png
Thursday January 20th, 2022 3:53AM

Preferred Apartment Communities, Inc. Completes Disposition of Brookwood Center Office Building for $55.0 Million

By The Associated Press

ATLANTA--(BUSINESS WIRE)--Nov 15, 2021--

Preferred Apartment Communities, Inc. (NYSE: APTS) (“PAC” or the “Company”) today announced its disposition, on November 12 th, of Brookwood Center, an office property located in Birmingham, Alabama, to Pope & Land, a highly regarded Atlanta-based real estate firm, along with Fairway Investments, a respected local Birmingham real estate firm. The purchase price was $55.0 million, including assumption of debt, which will result in net proceeds at closing of approximately $25.1 million after closing adjustments and costs. This sale generated a GAAP gain on sale of approximately $12.4 million. With this sale, the Company now owns only two remaining office buildings, one in Atlanta and one in San Antonio.

Joel Murphy, PAC’s Chairman and Chief Executive Officer, said: “With the sale of Brookwood Center, we have now sold eight office assets for total gross proceeds of approximately $780 million and we have further demonstrated our continued intent and ability to effectively wind down our office business and prudently monetize our few remaining office assets strategically and thoughtfully over time.”

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. Preferred Apartment Communities’ investment objective is to generate attractive, stable returns for stockholders by investing in income-producing properties and acquiring or originating multifamily real estate loans. As of September 30, 2021, the Company owned or was invested in 107 properties in 13 states, predominantly in the Southeast region of the United States. Learn more at .

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 . 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:

View source version on businesswire.com:

CONTACT: Preferred Apartment Communities, Inc.

John A. Isakson 770-818-4109

Chief Financial Officer

Email:[email protected] Apartment Communities, Inc.

Paul Cullen 770-818-4144

Executive Vice President-Investor Relations

Email:[email protected]

KEYWORD: UNITED STATES NORTH AMERICA ALABAMA GEORGIA

INDUSTRY KEYWORD: RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY REIT

SOURCE: Preferred Apartment Communities, Inc.

Copyright Business Wire 2021.

PUB: 11/15/2021 04:15 PM/DISC: 11/15/2021 04:16 PM

http://www.businesswire.com/news/home/20211115006262/en

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Online - Georgia News, AP Business Wire - Georgia, AP Business - Personal Finance, AP Business - Real Estate
© Copyright 2022 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Bannon indictment defies history of Congress' contempt power
Longtime Trump ally Steve Bannon’s appearance in federal court on contempt charges provides a rare glimpse into one of the least-used powers of Congress at work — and how historically difficult it has been
7:39PM ( 16 minutes ago )
6 teens injured in drive-by shooting near Denver area school
Police say six teenagers were shot in a drive-by shooting in a park near a high school in suburban Denver, but all are expected to survive
7:29PM ( 26 minutes ago )
Russian test blamed for space junk threatening space station
U.S. officials say a Russian weapons test created the space junk now threatening the seven astronauts aboard the International Space Station
7:14PM ( 41 minutes ago )
Associated Press (AP)
No 3rd trial against federal agent in fatal Hawaii shooting
Honolulu's prosecuting attorney won't seek a third trial against a federal agent who shot and killed a man during an altercation in a fast-food restaurant
6:36PM ( 1 hour ago )
Alex Jones liable for defamation in Sandy Hook 'hoax' case
A Connecticut judge has found Infowars host and conspiracy theorist Alex Jones liable for damages in lawsuits brought by parents of children killed in the Sandy Hook Elementary School shooting
6:21PM ( 1 hour ago )
Biden signs $1T infrastructure deal with bipartisan crowd
President Joe Biden has signed his hard-fought $1 trillion infrastructure deal into law before a bipartisan, celebratory crowd on the White House lawn
5:55PM ( 2 hours ago )
AP Business
OSHA, South Dakota pork plant settle coronavirus complaint
Federal safety regulators reach an agreement with Smithfield Foods to settle a contested citation of the company’s coronavirus safety measures during a massive outbreak last year at the South Dakota pork processing plant
1:53PM ( 6 hours ago )
Stocks wobble on Wall Street ahead of retailer earnings
Stocks wobbled on Wall Street Monday as the market comes off its first weekly loss in six weeks
1:37PM ( 6 hours ago )
Washington seeks over $38 billion from opioid distributors
Washington Attorney General Bob Ferguson has taken the state’s case against the nation’s three biggest drug distributors to trial
12:39PM ( 7 hours ago )
AP Business - Corporate News
Film crew union narrowly approves contract with producers
Film industry crew members have narrowly voted to approve a pair of contracts with Hollywood producers
4:56PM ( 3 hours ago )
Bennett running away with starting QB job for No. 1 Georgia
Stetson Bennett's legs are a big reason he has kept the starting quarterback job for top-ranked Georgia
4:53PM ( 3 hours ago )
K-pop band TWICE basking in global popularity, plans US tour
TWICE, the nine-member K-pop band with over 9 million Twitter followers, says they feel their popularity growing overseas
4:42PM ( 3 hours ago )
AP Online - Georgia News
AP Business Wire - Georgia
Democrats push for paid family leave ahead of critical votes
House Speaker Nancy Pelosi surprised advocates, and even many of her Democratic colleagues, when she revived a long-sought paid family and medical leave plan and said it would be part of a massive social and environmental spending bill in the House
12:04AM ( 19 hours ago )
China stock exchange for entrepreneurs launches in Beijing
A stock exchange set up in the Chinese capital to serve entrepreneurs has opened trading with 81 companies amid a crackdown on tech giants that has wiped more than $1 trillion off their market value abroad
10:06PM ( 21 hours ago )
Japan's former princess leaves for US with commoner husband
A Japanese princess who gave up her royal status to marry her commoner college sweetheart has arrived in New York as the couple left behind a nation that has criticized their romance
12:58PM ( 1 day ago )
AP Business - Personal Finance
World shares higher ahead of talks between Biden, China's Xi
Shares have advanced in Europe and Asia ahead of virtual talks between President Joe Biden and Chinese President Xi Jinping
4:52AM ( 15 hours ago )
Asian shares higher as Japan says economy shrank in 3Q
Shares are mostly higher in Asia as plans for stimulus in Japan overshadowed news that its economy contracted in the last quarter
2:15AM ( 17 hours ago )
Asian shares mixed as Japan says economy contracted in 3Q
Shares are mixed in Asia, with the specter of inflation weighing on sentiment
12:18AM ( 19 hours ago )
AP Business - Real Estate
Bannon indictment defies history of Congress' contempt power
Longtime Trump ally Steve Bannon’s appearance in federal court on contempt charges provides a rare glimpse into one of the least-used powers of Congress at work — and how historically difficult it has been
7:39PM ( 17 minutes ago )
6 teens injured in drive-by shooting near Denver area school
Police say six teenagers were shot in a drive-by shooting in a park near a high school in suburban Denver, but all are expected to survive
7:29PM ( 26 minutes ago )
Russian test blamed for space junk threatening space station
U.S. officials say a Russian weapons test created the space junk now threatening the seven astronauts aboard the International Space Station
7:14PM ( 41 minutes ago )
Prosecutor: Rittenhouse provoked the bloodshed in Kenosha
Prosecutors say Kyle Rittenhouse provoked bloodshed on the streets of Kenosha by bringing a semi-automatic rifle to a protest and menacing others
7:13PM ( 43 minutes ago )
Champion Braves sign Manny Piña to add depth at catcher
The World Series champion Atlanta Braves have added depth at catcher by signing Manny Piña to a two-year, $8 million contract
7:11PM ( 44 minutes ago )