Preferred Apartment Communities Inc. acquired the 247-unit newly built Founders Village class A multifamily community in Williamsburg, Va., for an undisclosed price.
The community was acquired through a wholly owned subsidiary.
The company said it financed the acquisition using a portion of the proceeds from an earlier 1031 exchange transaction as well as a first mortgage loan from Berkadia Commercial Mortgage LLC.
The loan amounts to approximately $31.6 million, bearing a fixed-rate interest of 4.31% per annum, and matures March 31, 2027. The lender plans to assign the loan to Freddie Mac within 60 days.