Preferred Apartment Communities, Inc. Completes Disposition of Armour Yards Office Portfolio for Approximately $79.5 Million and Announces the Redemption of Approximately $36.9 Million of its 6.00% Series A Redeemable Preferred Stock

Sep 08, 2021

Preferred Apartment Communities, Inc. (NYSE: APTS) ("PAC" or the "Company") closed today on its previously announced disposition of two office properties, Armour Yards and 251 Armour Yards (the “Armour Yards Portfolio”), to Northwood Investors for an aggregate purchase price of $79.5 million, which will result in net proceeds at closing of approximately $31.1 million, after the satisfaction of approximately $48.4 million of property level debt and other closing adjustments and costs.

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