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Preferred Apartment Communities buys multifamily asset in Birmingham, Ala.

Preferred Apartment Communities Inc. announced its acquisition of Retreat at Greystone, a 312-unit Class A multifamily community in Birmingham, Ala.

Information on the seller and the acquisition price were not disclosed.

The company took out a $35.2 million loan from a five-year revolving credit facility it secured with Freddie Mac and KeyBank to bankroll the acquisition. The facility provides for loans up to $200 million, and may be increased to $300 million subject to KeyBank's sole approval.

Preferred Apartment Communities filed an application with KeyBank to refinance its loan on the property and locked an annual fixed rate of 4.31% for a seven-year, nonrecourse first mortgage loan.