PHILADELPHIA, PA – October 2, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $42.5 million sale of Stone Rise, a 216-unit, Class A multi-housing community in the Philadelphia suburb of Glenmoore, Pennsylvania.

The HFF team marketed the asset on behalf of the seller, an indirect wholly owned subsidiary of Preferred Apartment Communities, Inc. (NYSE: APTS).  FPA Multifamily, LLC purchased the offering free and clear of existing financing.

Stone Rise is located 900 Selwyn Place in affluent Chester County.  Constructed in 2008, the eight-building property is set on 21 low-density acres near luxury retail, award-winning restaurants, sought-after schools and several heavily traveled thoroughfares, including the Pennsylvania Turnpike, Route 202, Route 30 and Route 422.  The unit mix comprises a diverse blend of one- and two-bedroom apartment homes with open floor plans averaging 1,078 square feet.  All units have breakfast bars, garden tubs, nine-foot ceilings, washers and dryers, and private patios or balconies.  Community amenities include a resort-style pool, 24-hour fitness center, large dog park and business center.

The HFF team representing the seller included senior managing directors Mark Thomson and Ed Coco, senior director Carl Fiebig and director Fran Coyne.

Preferred Apartment Communities, Inc. (NYSE: APTS) ("PAC" or the "Company") today announced that it closed on a loan investment of up to approximately $18.7 million.  This investment is in connection with The Altman Companies plans to develop a 392-unit multifamily community located in Tampa, Florida.  Additionally, with this investment, PAC received an option to purchase the multifamily community following stabilization at a discounted price to market. The development is part of the Wiregrass master-planned community which has been approved to include, among other things, over 10,000 homes, 2.7 million square feet of retail, one million square feet of industrial, a 138-acre sports complex, and 2.6 million square feet of office, including a campus planned by Raymond James for 750 employees.  "The Altman Group is a South Florida based developer of Class A multifamily properties throughout the Southeast U.S.  We are excited to partner with The Altman Group," said Daniel M. DuPree, the Company's Vice-Chairman and Chief Investment Officer.

Preferred Apartment Communities, Inc. (NYSE: APTS) ("PAC" or the "Company") today announced that it acquired a recently constructed 290-unit Class A multifamily community in Jacksonville, Florida named Sorrel Luxury Apartments.  "We believe this is a high quality, Class-A community in a superb location," said John A. Williams, the Chairman and Chief Executive Officer for PAC.  Mr. Williams added, "We continue to add communities in the fast growing Florida market."  PAC financed the acquisition utilizing a first mortgage loan from Prudential Multifamily Mortgage for approximately $33.6 million and has a maturity date of September 1, 2023, a fixed interest rate of 3.44% per annum and will amortize based on a 30-year amortization.  Prudential intends to assign this loan to Fannie Mae within 60 days of closing.

Preferred Apartment Communities, Inc. (NYSE: APTS) ("PAC" or the "Company") today announced that it closed on a loan investment of up to approximately $21.1 million.  This investment is in connection with Bristol Development Group's plans to develop a 271-unit multifamily community located in Birmingham, Alabama.  Additionally, with this investment, PAC received an option to purchase the multifamily community following stabilization at a discounted price to market.  "Bristol Development Group is a Nashville based developer of Class A multifamily properties throughout the Southeast U.S.  We have pursued a relationship with Bristol for some time and hope this is just the first of many high quality projects that we can work on together," said Daniel M. DuPree, the Company's Chief Investment Officer.

Preferred Apartment Communities, Inc. today announced the sale on May 19, 2016 of Trail Creek Apartments, its 300-unit multifamily community in Hampton, Virginia.  The sale generated net proceeds of approximately $10.5 million to PAC, which PAC will utilize for working capital purposes including reducing the outstanding balance under its revolving line of credit facility, acquisitions, real estate investment loans and general corporate purposes.  Leonard A Silverstein, PAC's President and Chief Operating Officer, said, "We are pleased to announce the sale of this multifamily community which we previously reported as being held for sale."

Preferred Apartment Communities, Inc. (NYSE: APTS) announced that on April 20, 2016 it closed on a loan investment of up to approximately $9.4 million.  This investment is in connection with Haven Campus Communities, LLC's plans to develop a 556-bed, 140-unit student housing community located near Texas Tech University in Lubbock, Texas.  This is the second phase to an existing student housing project that is completing its first lease-up.  The second phase will be managed by Preferred Campus Management, LLC, the same company managing the current lease-up in the first phase.  Additionally, with this investment, Preferred Apartment Communities received an option to purchase the student housing community following stabilization at a discounted price to market.  "We are excited to continue the growth of investments in student housing assets near world-class universities," said Paul Cullen, Chief Marketing Officer of Preferred Apartment Communities.