Preferred Apartment Communities, Inc.
New York Stock ExchangeCapital Structure
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
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in mil. unless spec.- CEO
- Joel Murphy
- Full Time Employees
- 366
- Sector
- Real Estate
- Industry
- REIT - Diversified
- Address
- 3284 Northside Pkwy NW Ste 150 Atlanta GA United States of America 30327
- IPO Date
- Apr 1, 2011
- CIK
- 0001481832
- Website
- pacapts.com
- Similar Companies
- Business
- Preferred Apartment Communities, Inc. is a real estate investment trust primarily engaged in the ownership and operation of Class A multifamily residential properties and grocery-anchored shopping centers. The company’s main products and services include the management and leasing of approximately 44 multifamily communities with about 12,000 units, and ownership of 54 grocery-anchored retail centers totaling approximately six million square feet, predominantly located in Sun Belt markets including Atlanta, Orlando, Tampa, Jacksonville, Charlotte, and Nashville. Additionally, it holds two Sun Belt office properties and invests in mezzanine and preferred equity real estate loans related to multifamily properties. The company emphasizes operational excellence through onsite property management, leasing, maintenance operations, and corporate support including marketing, procurement, accounting, finance, IT, and legal risk management functions. Founded in 1992 and headquartered in Atlanta, Georgia, Preferred Apartment Communities targets income-producing real estate mainly in the southeastern United States, focusing on high-quality suburban locations with strong demographic trends. The company’s strategy includes acquiring and managing high-quality, income-generating multifamily properties and grocery-anchored retail assets, supported by a proprietary real estate loan investment program that provides a pipeline for acquisitions. A significant recent development is the acquisition of Preferred Apartment Communities by Blackstone Real Estate Income Trust, Inc. (BREIT), a non-traded REIT affiliate of Blackstone, in an all-cash transaction valued at approximately $5.8 billion completed in mid-2022. Under this transaction, Preferred Apartment Communities' common stock was converted into $25 cash per share, and the company ceased public trading. This strategic acquisition positions the company under Blackstone’s management, leveraging BREIT’s perpetual capital for long-term ownership and expansion of its multifamily and grocery-anchored retail portfolio in key Sun Belt markets. The acquisition also includes the integration of Preferred Apartment Communities’ experienced property management and operations teams, with continued focus on delivering best-in-class resident and tenant experiences. Preferred Apartment Communities continues to expand its portfolio and operational capabilities, demonstrated by recent acquisitions such as The Anson, a newly constructed 301-unit Class A multifamily property in the Nashville metropolitan area, acquired in 2021 through its real estate loan investment program. The company maintains a people-first approach combined with operational expertise to cultivate vibrant residential communities and retail environments. Overall, Preferred Apartment Communities operates within the real estate investment and property management sector, specializing in multifamily housing and retail assets, with a strategic footprint in suburban and Sun Belt regions of the United States, backed by the financial strength and resources of Blackstone Real Estate Income Trust.
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