Preferred Apartment Communities, Inc. (AMEX:APTS) acquired 140-unit multifamily community in Atlanta, Georgia for $32.9 million on December 31, 2013. In addition, Preferred assumed the current $12.4 million senior loan from Atlantic Capital Bank. In connection with this assumption, the ACB loan was increased to $13 million, the maturity date was changed to June 2014 and the interest rate was set at a floating rate of 30-day LIBOR plus 2.50%.

Preferred Apartment Communities, Inc. (AMEX:APTS) completed the acquisition of 140-unit multifamily community in Atlanta, Georgia on December 31, 2013.