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

ATLANTA, Jan. 17, 2019 /PRNewswire/ — Preferred Apartment Communities, Inc. (NYSE: APTS) (“PAC” or the “Company”) today announced its acquisition of Gayton Crossing, a 158,317 square foot shopping center located in Richmond, Virginia and anchored by a Kroger grocery store. Gayton Crossing is located on the corner of Gaskins Road and Quioccasin Road, which sees a high volume traffic count of over 36,000 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, “Gayton Crossing is our second asset in the state of Virginia located in Richmond’s highly desirable West End submarket and has exceptional demographics with a three mile population of 82,500 and average household incomes of $109,500.”  Mr. Murphy added, “This acquisition increases the size of our portfolio to 46 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.” 

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