NEW MARKET PROPERTIES, LLC ACQUIRES GROCERY-ANCHORED SHOPPING CENTER AT WOODMONT VILLAGE

PRNEWSWIRE.COM

ATLANTASept. 11, 2017 /PRNewswire/ — Preferred Apartment Communities, Inc. (NYSE: APTS) (“PAC” or the “Company”) today announced the acquisition on September 8, 2017 of Woodmont Village, an approximately 85,639 square foot shopping center located in the Atlanta, Georgia MSA and anchored by a 54,139 square foot Kroger grocery store.  Woodmont Village is strategically positioned at the intersection of GA Highway 20 and Cherokee Road in this rapidly growing and affluent corridor of Cherokee County.

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 believe Kroger is complemented well with a strong blend of national credit tenants and local service operators that will continue to drive traffic to the center.” Mr. Murphy added, “The acquisition of Woodmont Village increases the size of our retail portfolio to 36 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.”