NEW MARKET PROPERTIES, LLC ACQUIRES SECOND GROCERY-ANCHORED SHOPPING CENTER IN CHARLOTTE, NC

PRNEWSWIRE.COM

ATLANTAJuly 9, 2018 /PRNewswire/ — Preferred Apartment Communities, Inc. (NYSE: APTS) (“PAC” or the “Company”) today announced its acquisition on July 6, 2018 of Brawley Commons, a 122,028 square foot shopping center located in the Charlotte, North Carolina MSA, and anchored by a 49,098 square foot Publix grocery store.  Brawley Commons is located just to the west of I-77 at the entrance to the Brawley Peninsula of Lake Norman at the intersection of Brawley School Road and Williamson Road, which has a high volume traffic count at over 54,000 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, “Brawley Commons is our second asset in the Charlotte, North Carolina MSA and adds to the geographical diversity of our portfolio. We believe Brawley Commonspresents an attractive combination of stability with a strong grocery anchor such as Publix, as well as an opportunity for earnings growth with excellent and growing trade area fundamentals.”  Mr. Murphy added, “This acquisition increases the size of our portfolio to 44 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 Nationwide.  The first mortgage loan is approximately $18.5 million, bears interest at fixed rate of 4.40% 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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