Preferred Apartment Communities (NYSEMKT:APTS) closes an aggregate loan investment of up to about $11.9M.
The investment is related to Oxford Properties’ plans to develop a 301-unit multifamily community in Nashville, TN, MSA.
APTS gets an option to buy the community following stabilization at a discounted price to market.
Previously: Preferred Apartment invests in Alexandria, VA development (April 12)