ATLANTA, Sept. 24, 2020 /PRNewswire/ — Preferred Apartment Communities, Inc. (NYSE: APTS) (the “Company”) announced today that it has entered into a Purchase and Sale Agreement to sell its student housing portfolio (the “Portfolio”) to TPG Real Estate Partners (“TREP”) for $478.7 million. The transaction is expected to close in the fourth quarter of 2020 and is subject to customary closing conditions. The Portfolio was marketed for sale by CBRE.
The Portfolio includes eight, high-quality student housing communities located in Arizona, Florida, Georgia, North Carolina, and Texas. The communities include more than 6,000 beds with a wide range of indoor and outdoor amenities. The communities to be sold include:
NxNW, a 679-bed student housing community located in Tallahassee, Florida
Knightshade, an 894-bed student housing community located in Orlando, Florida
The Tradition, an 808-bed student housing community located in College Station,