A fast-growing Atlanta apartment owner has bought a large Gallatin complex as part of a four-city package for which it is paying $182 million.
Preferred Apartment Communities on Friday completed its acquisition of Stoneridge Farms, which sits on Nashville Pike west of downtown Gallatin and comprises 364 units, and properties in Dallas, Houston and Kansas City, Kansas. Altogether, the apartment communities have almost 1,400 units.
"I've visited all of the communities and believe they are a perfect fit, both in terms of location and quality, with our existing portfolio," said Preferred Chairman and CEO John Williams. "I'm confident we're buying these assets at a substantial discount to current replacement cost and believe they will be very accretive to our stockholders."
Stoneridge Farms units range from having one bedroom and 816 square feet to three bedrooms with almost 1,400 square feet. The complex sits on more than 30 acres.
Williams and his team expect to close on their acquisition late this quarter or early in the fourth quarter. Their company posted a first-quarter profit of $2.8 million on revenues of $10.2 million. A year earlier, it lost $3.2 million on $5.3 million in revenues.
Shares of Preferred (Ticker: APTS) are up about 12 percent so far this year to $9. The company now has a market value of almost $150 million.
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