NEW MARKET PROPERTIES, LLC ACQUIRES FIRST GROCERY-ANCHORED SHOPPING CENTER IN VA

PRNEWSWIRE.COM

ATLANTA, Jan. 2, 2019 /PRNewswire/ — Preferred Apartment Communities, Inc. (NYSE: APTS) (“PAC” or the “Company”) today announced its acquisition on December 21, 2018 of Hollymead Town Center, in Charlottesville, Virginia. The center is anchored by a 60,607 square foot Harris Teeter and a 142,500 square foot Target. Hollymead Town Center is located along Seminole Trail/Route 29, which sees a high volume traffic count of over 47,000 CPD.

PAC acquired these assets through its wholly-owned indirect subsidiary New Market Properties, LLC. Joel T. Murphy, President and Chief Executive Officer of New Market said about the acquisition, “Hollymead Town Center is our first asset in the state of Virginia in the affluent, high barrier to entry market of Charlottesville, adding to the geographical diversity of our portfolio. We believe the tenants at Hollymead Town Center will continue to thrive from the regional draw of the center and the growing trade area.” Mr. Murphy added, “This acquisition increases the size of our portfolio to 45 grocery-anchored shopping centers across eight states, consistent with our strategy to acquire well-positioned grocery-anchored shopping centers in suburban Sunbelt and Mid-Atlantic markets with strong demographics that are anchored by market leading grocers.”

The Company financed the acquisition utilizing a non-recourse first mortgage loan from Aegon. The first mortgage loan is approximately $27.3 million, bears interest at fixed rate of 4.55% 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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