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.