Overton Rise, a newly constructed 294-unit Class A multi-family community in Atlanta, Georgia, was recently acquired by Preferred Apartment Communities, Inc.
"This is a brand new property that continues our record of having the youngest portfolio of Class A apartments in the REIT world," said John A. Williams, Chairman and Chief Executive Officer for PAC.
According to the press release of Preferred Apartment Communities in PR NewsWire, the acquisition of Overton Rise was made through a wholly-owned subsidiary and is financed by using a first mortgage loan from KeyBank National Association. The mortgage loan has a maturity date of Aug. 1, 2026, a fixed interest rate of 3.98 percent per annum, and will amortize based on a 30-year amortization. Within 60 days of closing, KeyBank plans to assign the loan to Freddie Mac.
"We believe this is a further example of the success of our loan investment program and our confidence in the Northwest Atlanta submarket," said Leonard A. Silverstein, PAC's President and Chief Operating Officer.
Overton Rise is a luxury mid-rise apartment community in Atlanta, Georgia that offers one-, two- and three-bedroom apartment homes with luxury amenities, such as a salt-water swimming pool, a cabana with an outdoor kitchen, a Zen garden with a fire pit, and a 24-hour Health and Wellness Center. The apartment community is ideally located near Cumberland Mall, the Galleria & Vinings, Perimeter Mall, and Buckhead & Midtown. Residents of Overton Rise can easily utilize the premier 24-hour concierge service of the apartment community, as well as enjoy the complimentary Starbucks coffee bar. Some of the area's best hiking trails with a bicycle checkout can also be accessed exclusively by the residents of Overton Rise.
Preferred Apartment Communities, Inc (NYSE: APTS) is a Maryland corporation co-founded by John A. Williams and Leonard A. Silverstein that was formed to acquire and operate multi-family properties in select targeted markets throughout the United States.
