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Preferred Apartment sells NC multifamily community for $44M

Preferred Apartment Communities Inc. sold the Lake Cameron class A multifamily community in Raleigh, N.C., for roughly $43.5 million in gross proceeds, representing an exit cap rate of about 5.0%.

The multifamily-focused residential real estate investment trust will use the proceeds for working capital needs, including decreasing the outstanding balance under its revolving line of credit facility, and for purchases, real estate investment loans and general corporate purposes.