Preferred Apartment Communities

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Preferred Apartment Communities, Inc. Announces Pricing of Initial Public Offering

ATLANTA, April 1, 2011 /PRNewswire/ -- Preferred Apartment Communities, Inc. ("PAC"), a Maryland corporation, announced today that its initial public offering of 4,500,000 shares of common stock has been priced at $10.00 per share. The shares are expected to begin trading on April 1, 2011 on the NYSE Amex under the symbol "APTS". All of the shares in the offering are being sold by PAC. PAC granted the underwriters a 30-day option to purchase up to an additional 675,000 shares of common stock solely for the purpose of covering over-allotments, if any.

Wunderlich Securities is acting as the sole book-running lead manager for this offering.

The offering of the securities is made only by means of a written prospectus. A copy of the prospectus related to this offering may be obtained by contacting Wunderlich Securities, Attention: Marty Gaia, telephone (901) 251-1344, mgaia@wundernet.com. An electronic copy of such prospectus is also available on the web site of the SEC at http://www.sec.gov.

PAC's registration statement relating to these securities has been declared effective by the U.S. Securities and Exchange Commission.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Preferred Apartment Communities, Inc.

Preferred Apartment Communities, Inc. is a Maryland corporation formed to acquire multifamily properties in select targeted markets throughout the United States.  As a secondary strategy, we may acquire senior mortgage loans, subordinate loans or mezzanine debt secured by interests in multifamily properties, membership or partnership interests in multifamily properties and other multifamily related assets.  PAC intends to elect and qualify as a real estate investment trust for U.S. federal income tax purposes, commencing with our tax year ending December 31, 2011.  

SOURCE Preferred Apartment Communities, Inc.

For further information: Leonard A. Silverstein, Executive Vice President, General Counsel and Secretary, Preferred Apartment Communities, Inc., +1-404-818-4147, lsilverstein@pacapts.com