NEW MARKET PROPERTIES, LLC ACQUIRES THIRD GROCERY-ANCHORED SHOPPING CENTER IN ORLANDO, FL

PRNEWSWIRE.COM

ATLANTAJuly 2, 2018 /PRNewswire/ — Preferred Apartment Communities, Inc. (NYSE: APTS) (“PAC” or the “Company”) today announced its acquisition on June 29, 2018 of Conway Plaza, a 117,705 square foot shopping center located in Orlando, Florida, and anchored by a 37,888 square foot Publix grocery store.  Conway Plaza is strategically located at the busy intersection of Conway Road and Curry Ford Road, which has a high volume of traffic count of over 66,000 CPD.

PAC acquired these assets 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 continue to expand our portfolio in the state of FloridaConway Plaza marks our third asset in the Orlando MSA anchored by market leading Publix Super Market and our sixth grocery anchored center in the state. We believe Conway Plaza, with its strong performing Publix with over 50 years of operating history will continue to thrive near and long term.”  Mr. Murphy added, “This acquisition increases the size of our portfolio to 43 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 and anchored by market leading grocers.”

The Company financed the acquisition utilizing a non-recourse first mortgage loan from The Prudential Insurance Company of America.  The first mortgage loan is approximately $9.8 million, bears interest at fixed rate of 4.45% per annum and has a term of 10 years.  There are no loan guaranties provided by PAC or its operating partnership.

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