NEW MARKET PROPERTIES, LLC ACQUIRES GROCERY-ANCHORED SHOPPING CENTER AT WEST TOWN MARKET

PRNEWSWIRE.COM

ATLANTASept. 25, 2017 /PRNewswire/ — Preferred Apartment Communities, Inc. (NYSE: APTS) (“PAC” or the “Company”) today announced the acquisition on September 22, 2017 of West Town Market, an approximately 67,883 square foot shopping center located in Fort Mill, South Carolina, an affluent submarket within the Charlotte, North Carolina MSA and anchored by a 48,220 square foot Harris Teeter grocery store.  West Town Market is strategically located on the highly-travelled Highway 160 corridor just west of I-77, the main thoroughfare into downtown Charlotte.

PAC acquired this asset 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 make our market entry into the Charlotte, North Carolina MSA with a market dominant grocer like Harris Teeter.” Mr. Murphy added, “The acquisition of West Town Market increases the size of our retail portfolio to 37 grocery-anchored shopping centers across seven Sunbelt states, consistent with our strategy to acquire well-positioned and highly accretive grocery-anchored shopping centers in suburban Sunbelt markets with strong demographics.”