Preferred Apartment Communities is selling a portfolio of seven office properties and one office real estate loan investment to Highwoods Properties for $717.5 million, including the assumption of debt.

Joel T. Murphy, Preferred Apartment Communities' president and CEO, says the sale continues a simplification strategy that began when the company sold its student housing portfolio in 2020. Once the Highwoods deal closes in Q3 2021, PAC's portfolio will be further focused on Class A suburban Sunbelt multifamily business and its 100% grocery-anchored Sunbelt retail investments.

The portfolio includes 150 Fayetteville, a 560,000 square foot office tower located in Raleigh, NC; Capitol Towers, a 479,000 square foot two-building office tower complex located in Charlotte, NC; CAPTRUST Tower, a 300,000 square foot office tower located in Raleigh; Morrocroft Centre, a 291,000 square foot three-building office complex located in Charlotte; Encore Center, a 111,000 square foot office complex located in Atlanta; 8 West (a real estate loan investment), a 195,000 square foot office property located in Atlanta; Armour Yards, a 187,000 square foot creative office complex in Atlanta; and 251 Armour, a 36,000 square foot creative office complex also in Atlanta. JLL marketed the sale.

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Leslie Shaver

Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.