IRVINE, CA—Atlanta-based Preferred Apartment Communities, Inc. says it closed on a $56 million investment in an LLC in connection with plans to develop a 280-unit multifamily in Irvine.
"We are delighted to be a part of the development of this outstanding site located in the heart of one of the strongest apartment markets in the country. This will be a phenomenal asset when completed,"
said John Williams, the company's CEO.
Additionally, with the investment in 360 Irvine Lending, LLC, a Delaware-based limited liability company, Preferred Apartment Communities (PAC) received an option to purchase the multifamily community following stabilization at a discounted price to market, PAC added.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
