Maryland’s Preferred Apartment Communities (PAC) has recently acquired an apartment complex near Arizona State University.
The building contains 225 units and has been geared toward students, according to a press release.
"We believe this property is a premier, well-located student housing asset, providing residents with immediate access to the Arizona State campus,” the company’s chief marketing officer, Paul Cullen, said in the press release. “We feel the modern features, including a computer lab, two interior courtyards, a 24-hour fitness center and other student-centered amenities are extremely attractive to the resident base.”
PAC’s focus has been to acquire multifamily properties in strategic markets across the country. The company is also moving into attaining senior mortgage loans, subordinate loans or real estate loans. This purchase was made through a wholly owned subsidiary Preferred Campus Communities.
The company financed the purchase by using $37.5 million from its Revolving Credit Facility with Freddie Mac and KeyBank, according to the release. The organization allows for up to $200 million to be borrowed.
PAC has been listed as a real estate investment trust under the Internal Revenue Code.
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