NEW MARKET PROPERTIES ANNOUNCES A JOINT VENTURE INVESTMENT IN A GROCERY-ANCHORED CENTER IN VIRGINIA BEACH, VA

PRNEWSWIRE.COM

ATLANTA, Aug. 19, 2019 /PRNewswire/ — Preferred Apartment Communities, Inc. (NYSE: APTS) (“PAC” or the “Company”) announced that on August 16, 2019 it made an approximate 90% equity investment in a joint venture with Crosland Southeast (based in Charlotte, North Carolina) to acquire Fairfield Shopping Center, a grocery-anchored shopping center in Virginia Beach, Virginia. The 243,031 square foot Fairfield Shopping Center is anchored by Food Lion and TJ Maxx. The center is located in a densely populated submarket of Virginia Beach, Virginia with over 129,000 residents within a three-mile radius with average household incomes of $87,000. This high-barrier-to-entry location is strategically positioned at the corner of Kempsville Road and Providence Road that together have traffic counts of over 55,000 vehicles per day.

PAC made this investment through its wholly-owned indirect subsidiary New Market Properties, LLC. 

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