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."