A brand new Class A multifamily community in Atlanta has recently been purchased by Preferred Apartment Communities (PAC). The development has 294 units and is known as Overton Rise.
According to the Chairman and Chief Executive Officer of PAC, John Williams, by acquiring this property, the company is keeping up its record of having the youngest portfolio of Class A apartments in the world of real estate investment trusts.
The President and Chief Operating Officer of PAC, Leonard Silverstein, added that having this property demonstrates that the company has a successful loan investment program and is confident in the submarket of Northwest Atlanta.
PAC purchased this community through a wholly owned subsidiary at a cost of $41.3m. KeyBank National Association will be providing the first mortgage loan.
PAC was formed to purchase and operate multifamily properties in specific markets targeting throughout the United States, but particularly in states like Georgia, Virginia, North Carolina, and Pennsylvania. It prides itself on offering high-quality living experiences, which include fitness centers, business centers, and utility setup at the move-in stage.
For those in the Atlanta area who may not be familiar with PAC’s values and missions, this would be a good opportunity for the company to turn to brochure printers to create items about the features and amenities of its communities.
