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Preferred Apartment Communities, Inc. Announces Investment in Lubbock, Texas Student Housing Development
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.