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Preferred Apartment Communities, Inc. Announces Investment in Nashville, Tennessee Multifamily Development – Nashville Business Journal
ATLANTA, May 24, 2018 /PRNewswire/ — Preferred Apartment Communities, Inc. (NYSE: APTS) ("PAC" or the "Company") today announced that it closed on an aggregate loan investment of up to approximately $11.9 million. This investment is in connection with Oxford Properties’ plans to develop a 301-unit Class A multifamily community located in the Nashville, Tennessee MSA. Additionally, with this investment, PAC received an option to purchase the multifamily community following stabilization at a discounted price to market. "We continue to originate multifamily real estate loan investments that provide both attractive current returns and the opportunity to acquire newly constructed properties at a discount to stabilized value," said Jeff Sherman, the Company’s Executive Vice President and Director of Multifamily Investments.
About Preferred Apartment Communities, Inc.
Preferred Apartment Communities, Inc. is a Maryland corporation formed primarily to acquire and operate multifamily properties in select targeted markets throughout the United States. As part of our business strategy, we may enter into forward purchase contracts or purchase options for to-be-built multifamily communities and we may make real estate related loans, provide deposit arrangements, or provide performance assurances, as may be necessary or appropriate, in connection with the development of multifamily communities and other properties. As a secondary strategy, we may acquire or originate senior mortgage loans, subordinate loans or real estate loans secured by interests in multifamily properties, membership or partnership interests in multifamily properties and other multifamily related assets and invest a lesser portion of our assets in other real estate related investments, including other income-producing property types, senior mortgage loans, subordinate loans or real estate loans secured by interests in other income-producing property types, membership or partnership interests in other income-producing property types as determined by our manager as appropriate for us. At March 31, 2018, the Company was the approximate 97.3% owner of Preferred Apartment Communities Operating Partnership, L.P., the Company’s operating partnership. Preferred Apartment Communities, Inc. has elected to be taxed as a real estate investment trust under the Internal Revenue Code of 1986, as amended, commencing with its tax year ended December 31, 2011. Learn more at www.pacapts.com.
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements may be identified by the use of forward-looking terminology such as "may", "trend", "will", "expects", "plans", "estimates", "anticipates", "projects", "intends", "believes", "goals", "objectives", "outlook" and similar expressions. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to, those disclosed in PAC’s filings with the Securities and Exchange Commission. PAC undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as may be required by law.
Additional Information
The SEC has declared effective the registration statement (including prospectus) filed by the Company for each of the offerings to which this communication may relate. Before you invest, you should read the final prospectus, and any prospectus supplements, forming a part of the registration statement and other documents the Company has filed with the SEC for more complete information about the Company and the offering to which this communication may relate. In particular, you should carefully read the risk factors described in the final prospectus and in any related prospectus supplement and in the documents incorporated by reference in the final prospectus and any related prospectus supplement to which this communication may relate. You may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the Company or its dealer manager, Preferred Capital Securities, LLC, with respect to PAC’s mShares Redeemable Preferred Stock Offering and Series A Redeemable Preferred Stock and Warrant Unit Offering, and JonesTrading Institutional Services LLC, with respect to PAC’s ATM Common Stock Offering, will arrange to send you a prospectus if you request it by calling Leonard A. Silverstein at (770) 818-4100, 3284 Northside Parkway NW, Suite 150, Atlanta, Georgia 30327.
The ATM Common Stock Offering prospectus supplement, dated July 10, 2017, including a base prospectus, dated May 17, 2016, can be accessed through the following link:
https://www.sec.gov/Archives/edgar/data/1481832/000148183217000110/atmprospectusspring2017.htm
The mShares Redeemable Preferred Stock Offering prospectus, dated January 19, 2017, can be accessed through the following link:
https://www.sec.gov/Archives/edgar/data/1481832/000148183217000008/a424prospectus-mshares1.htm
The Series A Redeemable Preferred Stock and Warrant Unit Offering prospectus, dated March 16, 2017, can be accessed through the following link:
https://www.sec.gov/Archives/edgar/data/1481832/000148183217000061/a424prospectus-15bseriesar.htm
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SOURCE Preferred Apartment Communities, Inc.
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Exclusive: Property Brothers Reveal How to Save Tons of Cash on Kitchens!
Habitat for Humanity
"Property Brothers" stars Jonathan and Drew Scott don’t just create dream homes for their clients on TV—they also do it for free! How? As part of Habitat for Humanity’s second annual Home Is the Key Campaign, running through the month of April, the Scotts are helping build two homes in Nashville, TN, for single moms Ashlee and Amanda.
"Everybody deserves to have a safe, beautiful home somewhere they can actually call home," said Drew in an interview with realtor.com®, held during a short break in the day when they were raising the walls with a crew of more than 50 volunteers—including Ashlee and Amanda themselves, who plan to move in by the end of the month.
But as Jonathan points out, "It’s not just about giving away free houses to people." Ashlee and Amanda will also learn how to balance a budget, improve their home equity, and do other things that help them stay on top of rising housing costs.
Curious to hear more about what we can all do to keep housing expenses from spiraling, we asked the Scott brothers for their most budget-friendly advice.
The "Property Brothers" stars raise wall framing with the help of Habitat for Humanity volunteers. What can we all do to help make housing more affordable—in our own lives and beyond?
Jonathan: You can get involved with an organization like Habitat for Humanity! Over the period that we’ve been involved, they’ve helped 13.2 million people with affordable, safe housing. Even if you don’t make a cash donation, make the donation of your time and experience a build. It’s the most rewarding experience.
Drew: Jonathan and I have been working with Habitat since the mid-’90s, [as well as its nonprofit store] ReStore.
Jonathan: Most people don’t realize it, but ReStore is an actual hardware store you can go in to get either gently used products or sometimes brand-new. They have fantastic prices, and, of course, all the money generated from the store goes right back to Habitat. It’s a phenomenal thing.
The Scotts explain how we can help ourselves and others at the same time. What other advice do you have to stretch a reno budget?
Drew: One of the best ways is using prefab cabinets. The quality of prefab is better than it ever was before. On "Property Brothers," about 80% of the kitchens we do have prefab cabinets, where people think they’re custom. But we just finish them to look custom, and then we’ll spend a bit more money maybe on quartz countertops, which are zero-maintenance—you don’t have to worry about continually resealing them.
Drew helping with the Nashville Habitat for Humanity build What are some common mistakes that people make when buying a home?
Drew: The biggest mistake we see is that people go out and try to get a brand-new build, but that’s tough because it’s so expensive. Some people feel that an older house is too much work, and they can’t handle it on their own.
Jonathan measuring a Habitat for Humanity home So if you’ve taken on a fixer upper, what’s the key to handling a renovation?
Jonathan: Hire a contractor. It can cost more to hire a contractor to do a project, but they’re keeping you on budget and they’re keeping you on schedule. They know when to get permits and when to bring in certain trades. If you try to handle that all on your own, you’re going to end up blowing your budget, and it’s just going to end up being more of a headache than you think it’s worth.
Jonathan helping make homes affordable, one house at a time What’s your best advice for families moving into a new home?
Drew: It’s so important for kids to feel like they’re a part of the process of design decisions. So we always encourage parents; if you want your kids to feel excited about their space, give them "the illusion of choice," as we call it.
You may have already picked your palette, and you might be giving them a choice of two different colors within that palette. Say to them, "We want you to pick for your own room, do you want this color or this color?" That way it really makes them feel like they were part of making this house their home.
Drew working with Habitat for Humanity volunteers How can owning your own home change your life?
Jonathan: It’s unbelievable, because it’s not just about the house itself. It’s also about creating and strengthening that family dynamic, which helps other things like education. Also, when you know you’re an owner, as opposed to a renter, there’s a certain pride of ownership that comes with that which helps ignite a fire within people to go and do something great with their own lives.
You can really see that with our homeowners Amanda and Ashlee today. They’re beaming. Seeing them get hands-on experience while offering their children a beautiful place to live, it just warms your heart.
Jonathan and Drew Scott with Ashlee and Amanda
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Reser’s Fine Foods Announces Partnership with CMA Fest In Nashville, TN
Reser’s Fine Foods is excited to announce to Country Music fans everywhere that it is a Proud Partner of CMA Fest in Nashville, TN June 7-10. CMA Fest is the Ultimate Country Music Fan Experience and Reser’s will be on-site to make the event even more enjoyable for the tens of thousands of fans who attend daily. The event features multiple stages and offers 100+ hours of music from hundreds of participating artists and musicians.
"Reser’s side dishes and Country music are the perfect match. CMA Fest gives us a great opportunity to connect with our fan base and introduce Reser’s Deli Salads to more people," states Teresa Carter, category director. "Attendees can enjoy samples of our delicious potato and macaroni salads while relaxing at our set-up on Broadway @ 2nd featuring picnic tables, cell phone charging stations and customized giveaways."
"We are happy to welcome Reser’s Fine Foods as one of our newest CMA Fest partners! They have gone all-in for this first year of their partnership. We all know that nothing goes better with great food than great music, so having Reser’s on-site will be a special perk for CMA Fest attendees," states Damon Whiteside, CMA chief marketing officer.
Music Fans Can Now Enter "Reser’s Superstar Weekend Sweepstakes" Music lovers are encouraged to enter "Reser’s Superstar Weekend Sweepstakes" for a chance to win a trip to CMA Fest in Nashville, TN June 7-10, 2018 and other great prizes. Prizes include:
Four (4) Grand Prize Packages: Dust off your cowboy boots for a five (5) day, four (4) night trip for a winner and one (1) guest to Nashville, TN, June 7-10, 2018. Includes roundtrip coach air transportation, four (4) nights hotel, two (2) 4-Day reserved seat passes to attend CMA Fest including nightly concerts at Nissan Stadium; and $300 spending money. Grand Prize package valued at approximately $4,700. Twenty (20) First Prize Packages: A mix of CMA Fest premiums and Reser’s product valued at approximately $100. Two Hundred (200) Reser’s Prize Packs: Reser’s branded items valued at approximately $25.
How to enter Registration is now open. For complete sweepstakes rules and to enter for a chance to win, visit http://www.resers.com/country<
About CMA Fest The Ultimate Country Music Fan Experience began in 1972 as Fan Fair, which drew 5,000 fans to Nashville’s Municipal Auditorium. Now in its 47th year, the legendary Festival has become the city’s signature Country Music event that hosts in excess of 50,000 fans from every state and two dozen foreign countries. In 2017, CMA Fest featured 11 stages with over 350 artists, 1,100 musicians, and 167 hours of music – all to benefit music education. Since 2006, CMA and the CMA Foundation have donated more than $20 million to sustainable music education initiatives across the U.S. thanks to the fans who attend CMA Fest and the artists who perform for free. CMA Fest is filmed for a three-hour ABC Television Network special – the only U.S. music festival with an accompanying TV event. 2018 marks the 15th consecutive year of the broadcast.
About Reser’s Fine Foods Family owned and operated, Reser’s is the leading provider of fresh refrigerated deli salads, side dishes and prepared foods. For more than 65 years, Reser’s has been making fun times easy and affordable for every family. Reser’s famous deli salads and sides are family favorites at the race track, picnics, BBQs, Country Music festivals and tailgates. Founded in 1950 Reser’s operates 14 facilities in the United States and Mexico and employs more than 4,500 employees in the United States, Mexico and Canada. Visit http://www.resers.com.
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Will Nashville Still Be a ‘City on the Rise’ Now That It Lost Its Rising Star Mayor?
Nashville’s charismatic mayor, Megan Barry, resigned on Tuesday, after a sex scandal that had been simmering for weeks boiled over into charges of corruption. When she admitted in January to an extramarital affair with Robert Forrest, the now-retired police sergeant who headed up her security detail, a local district attorney asked the Tennessee Bureau of Investigation to discover whether the mayor’s conduct broke any laws. Barry pled guilty to felony theft after it came to light that Forrest had earned $170,000 in overtime since the start of Barry’s tenure—including overtime for nine trips last year in which he accompanied the mayor alone.
Barry’s brief administration is over. Whatever residents think of her conduct—and local pundits have an awful lot to say about it—her resignation cuts short the future of a rising star not just in Nashville but regionally and nationally.
She was more than a magnetic mayor. Barry was a pivotal leader, one who showcased how ambitious cities can chart their own course—even when the currents in business, technology, and growth seem to run toward the coasts. She facilitated one of the boldest municipal transit plans in recent memory and pledged unprecedented support for affordable housing. But depending on how residents respond to her departure, much of that legacy could be at risk.
Barry was a popular figure. Even in February, in the weeks after she fessed up to the affair—even after the conservative editorial board of The Tennessean wrote that she had “betrayed Nashville”—a remarkable 61 percent of Nashvillains still approved of her. That feeling was sure to sour once people found out the truth, that the city was paying for official trips that looked like a string of rendezvous. That’s what makes Barry’s resignation a shame: People liked the job she was doing, and she cussed it up.
Nashvillains are disappointed, yes. But offended? A column in The Tennessean offers that Barry “used Nashville” and that it “really hurts.” Brad Schmitt describes her as a “politician desperate to hold onto grand ambitions, seemingly at any cost.” He further writes that Barry’s “unchecked ambition overtook the good person inside of her.”
People who agree may be looking forward to the next referendum. Barry’s legacy is coming up for a vote. On the May 1 countywide ballot is her signature push in office, a $5.4 billion transit plan that would, among other things, introduce 26 miles of light rail. When voters decide the “Let’s Move Nashville” referendum, they have a chance to ensure that Nashville’s growth is sustainable and equitable, with transit options that both facilitate and guide that growth. Voters also have the opportunity to punish Barry for her ambition.
Let’s Move Nashville is a hard-won initiative. State politics in Tennessee usually mitigate against such proposals at the local level. (As I wrote in November, “The real genius of ‘Let’s Move Nashville’ is in the way that the city won state support for long-term local planning initiatives.”) Barry pushed state lawmakers for a change to a bill on the gas tax (the first hike since 1989) that would allow cities to introduce local surcharges. These bills applied exclusively to large counties and large cities; the sales tax levy can be used exclusively for transit projects. The Tennessee legislature might as well have called it the Let’s Move Nashville Act.
Barry’s brief tenure is memorable by at least two more measures. The mayor pledged $25 million in bond proceeds to the city’s affordable housing trust fund and committed the city to an additional $10 million a year—Nashville’s biggest step yet toward addressing its affordability crisis. Barry can’t take credit alone for luring a Major League Soccer expansion club to Nashville, but she was key to securing the “private–public partnership” (as she puts it) that earned the confidence of the Nashville Metro Council and, eventually, professional soccer. Whether building a sports stadium with even modest public funding is a good idea or not, it could have been Cincinnati or Sacramento’s decision to make instead.
For some voters, Barry’s mistakes irrevocably tarnish her goals, including a transit overhaul the likes of which Nashvillains may not see again. It’s certain that her enemies will seize on her personal failures to undercut her legacy, from the progressive growth strategies she championed to her support for public–private partnerships. These ideas have their critics—the conservative Beacon Center of Tennessee has criticized virtually everything Barry’s ever done—and that’s fine.
But to dismiss this mayor’s accomplishments for the wrong reasons, or worse, to pin the blame on mayoral ambition itself is to miss something that’s very apparent outside Nashville. Residents in most cities, even up-and-coming cities similar to Nashville, would relish the opportunity to have leadership that is comfortable courting partners from a conservative business community and sometimes whackadoodle political class (though likely one without the whole romantic corruption thing).
When soccer’s top executive, Don Garber, spoke about its expansion, he said that Nashville wasn’t on the league’s radar at first. He calls Nashville “a city on the rise.” Nashville itself prefers the name “It City.” The city has lost a strong leader who helped to define what that “it” means and how to hold onto that “it” status. Maybe the “it” means ambition.
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Marijuana, Guns Seized At Nashville Home
NASHVILLE, TN — A neighbor’s complaint led to the seizure of four guns and nearly three pounds of marijuana at a First Avenue home, police said.
Johnathan Robinson, 27, is charged with possession of marijuana for resale and firearm possession in the commission of a dangerous felony. He is also charged with theft as a Mossberg shotgun found in the home had been reported stolen in 2016, investigators said. In addition to the shotgun, police found a Kel-Tec shotgun, a 9-mm pistol and an AR-15.
Robinson was out on a bail after an April 2016 arrest for marijuana, theft and gun charges. Those charges are pending, as well.
Photos via Metro Nashville Police
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