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Preferred Apartment Communities unit sells Kan. multifamily asset

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Preferred Apartment Communities unit sells Kan. multifamily asset

A unit of Preferred Apartment Communities Inc.'s operating partnership sold a fee simple interest in the Sandstone Creek multifamily community in Kansas City for $48.1 million, excluding transaction-related costs.

The unit, Sandstone Creek LLC, closed on the sale Jan. 20. The property contains 364 units.