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.
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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.
