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.