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Preferred Apartment Communities (APTS) |
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This company completed an initial public offering (IPO) of its stock in 2010. View articles that reference this company. Recent IPOs: Globe Specialty Metals • LogMeIn • Invesco Mortgage Capital • Medidata • Chemspec |
Preferred Apartment Communities (NYSE:APTS) is a Real Estate Investment Trust (REIT) which invests in multifamily properties. The company was formed with the intent of raising capital to acquire multifamily properties and potentially acquire mortgage loans, mezzanine debt, or partnerships in multifamily property assets. Preferred Apartment Communities will be externally managed by Preferred Apartment Advisors, LLC, which is a Delaware registered limited liability. [1]
Preferred Apartment Communities plans to take advantage of the drop in real estate value cause by the financial crisis. The company believes that the economic conditions will cause many multifamily assets to sell or foreclose due to difficulties in refinancing or high leveraging. Upon acquiring these distressed assets, the company expects prices to rise due to the low levels of new construction, growth in the economy as a whole, and a general decline in homeownership.[2]
The company's initial public offering of stock on the NYSE occurred on March 31, 2011. The company offered 4.5M shares each for $10. This brought the total deal size to $45M. The lead underwriter of the IPO was Wunderlich Securities.[3]
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