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Preferred Apartment Communities buys multifamily asset in Williamsburg, Va.

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.