Most popular Condominium Communities Proclaims Funding in 320-Unit Solis Cumming City Heart Improvement in Atlanta, Georgia

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Preferred Apartment Communities Announces Investment in 320-Unit Solis Cumming Town Center Development in Atlanta, Georgia

ATLANTA, GA – Preferred Apartment Communities announced a loan investment of up to $ 20.7 million related to Terwilliger Pappas' plans to develop Solis Cumming Town Center, a 320-unit, mid-range, multi-family community, was completed on the high-growth GA-400 corridor of Forsyth County's, a rapidly growing, affluent suburb of the MSA of Atlanta, Georgia. The delivery of the first units is expected in the second quarter of 2022.

Jeff Sherman, President of Multifamily for the company, said, "In addition to being near the North Fultonand Perimeter office markets, this development is also within two miles of downtown Cumming." Mr. Sherman added, "We are very excited to invest in downtown Solis Cumming and continue to believe that Sunbelt's suburban hubs will see healthy and sustainable growth for the next decade if we move away from the effects of COVID 19 pandemic recover. " This is PAC's fourth investment in Terwilliger Pappas, a pre-eminent Sunbelt multi-family developer, and offers PAC a compelling opportunity to invest in and acquire certain rights in the Solis Cumming Town Center.

Joel T. Murphy, Company President and Chief Executive Officer, said, "Our apartment building loan investment program continues to be an important avenue for the company's capital. This strategy has historically been a profitable and strategic differentiator for us and us Expect to continue doing so in the future. This is another example of our ability to generate healthy risk-adjusted returns in the current climate while providing us with an attractive acquisition pipeline for Class A multi-family communities in the sunbelt. "


Source: Preferred shared apartments

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