Preferred Apartment Communities, Inc. Announces Acquisition of a Grocery-Anchored Necessity Retail Shopping Center

Preferred Apartment Communities, Inc.

("PAC" or the "Company") today announced the acquisition on October 30, 2015 of Summit Point, an approximately 112,000 square foot grocery-anchored necessity retail shopping center anchored by a 54,379 square foot Publix grocery store. Summit Point is located in the community of Fayetteville, Georgia, a growing and affluent suburb in the Atlanta market. PAC acquired this asset through its wholly-owned subsidiary New Market Properties, LLC. Joel T. Murphy, President and Chief Executive Officer of New Market Properties, LLC, said "The acquisition of Summit Point is consistent with our strategy to acquire well positioned grocery-anchored shopping centers in suburban Sunbelt markets anchored by strong market leaders such as Publix." New Market Properties acquired this shopping center through a wholly-owned subsidiary and financed the acquisition utilizing a 7-year, 3.57% first mortgage loan from State Farm Insurance Company.