Preferred Apartment Communities, Inc. Completes the Acquisition of a 250-Unit Multifamily Community in the Atlanta, Georgia MSA

Preferred Apartment Communities, Inc. (NYSE: APTS) ("PAC" or the "Company") today completed the acquisition of The Ellison, a 250-Unit Class A multifamily community in Kennesaw, Georgia, a strong and growing submarket in the Atlanta MSA. The Ellison is currently 100% leased. The addition of The Ellison to our Sunbelt portfolio increases our total multifamily units to 11,393 and increases our multifamily units in the Atlanta MSA to 1,811, or approximately 15.9% of our multifamily portfolio.

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The Ellison - Located in Kennesaw, GA. (Photo: Business Wire)

Jeff Sherman, President of Multifamily, said, “The Ellison is another best in class investment that squarely fits within our strategy to acquire newly constructed suburban Sunbelt properties. PAC also served as The Ellison’s property manager overseeing a very successful lease-up, where 100% leased status was attained in less than 6 months. Additionally, this community faces limited new supply and is located in the top-rated Cobb County school district.” Mr. Sherman added, “The opportunity to acquire The Ellison came through a real estate loan investment that PAC made for the development of the community in 2019 and once again underscores the significant value from the embedded pipeline inherent in these loans.”

John A. Isakson, Chief Financial Officer, said, "Our acquisition of The Ellison is a great example of the continued value of our real estate investment loan program. The assets in this program earn a good return for us during the term of the loan and provide a unique pipeline for us to acquire assets. We look forward to continuing to grow this program in the future."

About Preferred Apartment Communities, Inc.

Preferred Apartment Communities, Inc. (NYSE: APTS) is a real estate investment trust engaged primarily in the ownership and operation of Class A multifamily properties, with select investments in grocery anchored shopping centers and Class A office buildings. Preferred Apartment Communities’ investment objective is to generate attractive, stable returns for stockholders by investing in income-producing properties and acquiring or originating real estate loans. As of March 31, 2021, the Company owned or was invested in 117 properties in 13 states, predominantly in the Southeast region of the United States. Learn more at www.pacapts.com.