August 30, 2019
Preferred Apartment Communities closed on a loan investment of up to $14.8 million for Kennesaw Crossing, a 250-unit multifamily project in Atlanta’s Kennesaw submarket. The project is being developed by Newport Development Partners.
The new development is part of a $65-million mixed-use project that was rezoned for up to 274 multifamily units, along with retail, office and hotel components, and is nearby grocers, restaurants and big box retailers.
“We continue to originate real estate loan investments as it provides the company with attractive current returns and a pipeline of modern and new Class A multifamily communities,” said Jeff Sherman, executive vice president at PAC. “The Kennesaw submarket continues to outpace the greater Atlanta MSA, both in terms of occupancy and rent growth, both above the Atlanta MSA average.”
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