Preferred Apartment Communities, Inc. (NYSE: APTS) announced that it acquired a recently constructed 296-unit Class A multifamily community in Tampa, Florida named Broadstone Citrus Village. "We believe this is a high quality, Class A community in a dynamic location," said John A. Williams, the Chairman and Chief Executive Officer for PAC. Mr. Williams added, "The addition of Citrus Village to our portfolio demonstrates our continued focus on acquiring newly constructed and accretive Class A multifamily communities in strong submarkets." PAC financed the acquisition by assuming the existing first mortgage loan from New York Life Insurance Company, with an outstanding principal balance of approximately $30.25 million that has a maturity date of May 1, 2023, and a fixed interest rate of 3.65% per annum. There are no loan guaranties provided by PAC or its operating partnership.

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 December 31, 2016, the Company was the approximate 96.8% owner of Preferred Apartment Communities Operating Partnership, L.P., or the 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.