ATLANTA, Dec. 23, 2019 /PRNewswire/ -- Preferred Apartment Communities, Inc. (NYSE: APTS) ("PAC" or the "Company") today announced that on December 20, 2019 it acquired Morrocroft Centre, a 290,602 square foot office project located in the SouthPark submarket of Charlotte, North Carolina. The property comprises three buildings on 12 acres and is 90% leased to a diverse mix of high-quality tenants across a broad range of industries, including financial services, technology, law, real estate and insurance.
PAC acquired Morrocroft Centre through its subsidiary, Preferred Office Properties. Boone DuPree, President and Chief Executive Officer for Preferred Office Properties, stated: "The Morrocroft Centre acquisition is consistent with our strategy to acquire well-located, high quality office assets in the Charlotte market, and specifically in SouthPark where we now hold almost 40% market share of the top tier competitive set." Mr. DuPree added, "We are excited to expand our business in this way and to partner with premier local developer and operator, Lincoln Harris, on this acquisition."
This acquisition increases the Preferred Office Properties portfolio to approximately 3.2 million square feet.
About Preferred Office Properties
Preferred Office Properties, LLC is a subsidiary of Preferred Apartment Communities Inc., formed in 2016 to invest in Class A office properties across the U.S. Preferred Office Properties, LLC sources portfolio assets through acquisitions of operating properties, development, and structured financing. Learn more at www.prefoffice.com.
About Preferred Apartment Communities, Inc.
Preferred Apartment Communities, Inc. is a Maryland corporation formed primarily to own and operate multifamily properties and, to a lesser extent, own and operate student housing properties, grocery anchored shopping centers and strategically located, well leased class A office buildings in select targeted markets throughout the United States. As part of our business strategy, we may enter into forward purchase contracts or purchase options for to-be-built multifamily communities and we may make real estate related loans, provide deposit arrangements, or provide performance assurances, as may be necessary or appropriate, in connection with the development of multifamily communities. As a secondary strategy, we may acquire or originate senior mortgage loans, subordinate loans or real estate loans secured by interests in multifamily properties, membership or partnership interests in multifamily properties and other multifamily related assets and invest a lesser portion of our assets in other real estate related investments, including other income-producing property types, senior mortgage loans, subordinate loans or real estate loans secured by interests in other income-producing property types, membership or partnership interests in other income-producing property types as determined by our manager as appropriate for us. At September 30, 2019, the Company was the approximate 98.2% owner of Preferred Apartment Communities Operating Partnership, L.P., the Company's operating partnership. Preferred Apartment Communities, Inc. has elected to be taxed as a real estate investment trust under the Internal Revenue Code of 1986, as amended, commencing with its tax year ended December 31, 2011. Learn more at www.pacapts.com.
About Lincoln Harris
Lincoln Harris, together with Lincoln Property Company, provides clients with a national platform and unparalleled institutional resources, including commercial real estate development, investment and property management. Based in Charlotte, Lincoln Harris takes great pride in its reputation as one of the region's most accomplished full-service commercial real estate companies. Lincoln Harris' multi-disciplinary team has a long history of working through complex transactions and adopting innovative approaches to real estate problems. We use our expertise to develop and implement comprehensive national real estate programs for our clients and cultivate a sense of trust in the communities we serve and the individual transactions we service. To learn more about Lincoln Harris properties and services, please visit www.lincolnharris.com.
The SEC has declared effective the registration statement (including prospectus) filed by the Company for each of the offerings to which this communication may relate. Before you invest, you should read the final prospectus, and any prospectus supplements, forming a part of the registration statement and other documents the Company has filed with the SEC for more complete information about the Company and the offering to which this communication may relate. In particular, you should carefully read the risk factors described in the final prospectus and in any related prospectus supplement and in the documents incorporated by reference in the final prospectus and any related prospectus supplement to which this communication may relate. You may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the Company or its dealer manager, Preferred Capital Securities, LLC, with respect to PAC's mShares Redeemable Preferred Stock Offering, Series A Redeemable Preferred Stock and Warrant Unit Offering, and Series A1/M1 Redeemable Preferred Stock Offering, will arrange to send you a prospectus if you request it by calling Leonard A. Silverstein at (770) 818-4100, 3284 Northside Parkway NW, Suite 150, Atlanta, Georgia 30327.
The mShares Redeemable Preferred Stock Offering prospectus, dated January 19, 2017, can be accessed through the following link:
The Series A Redeemable Preferred Stock and Warrant Unit Offering prospectus, dated March 16, 2017, can be accessed through the following link:
The Series A1/M1 Redeemable Preferred Stock Offering prospectus, dated October 22, 2019, can be accessed through the following link:
SOURCE Preferred Apartment Communities, Inc.