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Preferred Apartment Communities to sell 8 student housing assets for $475M

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Preferred Apartment Communities to sell 8 student housing assets for $475M

Certain affiliates of Preferred Apartment Communities Inc. agreed to sell an eight-property portfolio of student housing communities to GMH Capital Partners LP for $475.4 million, excluding acquisition- and financing-related transaction costs.

The portfolio comprises two communities in Florida, including the 679-bed North by Northwest community in Tallahassee and the 894-bed Retreat at Orlando community in Orlando, and three communities in Texas, including the 808-bed Tradition community in College Station, the 556-bed Bloc community in Lubbock and the 840-bed Ursa community in Waco.

Other communities include the 639-bed SoL community in Tempe, Ariz.; the 792-bed Stadium Village community in Georgia; and the 887-bed Haven49 community in Charlotte, N.C.

Closing is expected to take place Sept. 12.