CHARLOTTE, NC – Preferred Apartment Communities announced the completion of the acquisition of Solis Chestnut Farm, a 256-unit class A multi-family community in Charlotte, North Carolina, MSA.
Jeff Sherman, President of Multifamily for the company, said, “Chestnut Farm is a premier Class A property in the affluent Charlotte suburb of Matthews. In addition, Chestnut Farm has a unique advantage with an inimitable convenience – 265 acres of parkland attached to the property that gives our residents a real live gaming experience. "Mr. Sherman continued," Charlotte is a target market for us which has seen and we believe will continue to see tremendous population and employment growth. This acquisition offers us the leading property in a rapidly growing submarket of Charlotte and enables us to benefit fully from this favorable demographic tailwind. "
Joel Murphy, Chairman and Chief Executive Officer of the company, said, “With the acquisition of Chestnut Farm in Charlotte, we have now acquired five properties in the first three quarters of the year totaling 1,278 units in five of our target MSAs – Atlanta, Dallas -Fort Worth, Nashville, Washington and Charlotte – bringing our total portfolio to over 12,000 in 10 states. "Mr. Murphy added," Four of these acquisitions result from our home loan investment program and add to the intrinsic value of this program, not only to us to generate increasing returns during the loan period, but also to expand our own acquisition pipeline. These five acquisitions are the result of the company's strategic capital rotation away from non-core investments in our growing multi-family business and our deliberate focus on certain key Sunbelt markets that we believe will grow above average in the short and long term. "
Source: Preferred shared apartments