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AUSTIN, TEXAS — Preferred Apartment Communities (PAC) has purchased the 192-unit McNeil Ranch in Austin for approximately $21 million. The apartment community is currently 97.4 percent occupied. PAC expects to refinance the existing first mortgage debt on McNeil Ranch with a portion of the net proceeds from its recently completed private placement and a $13.6 million loan originated by Jones Lang LaSalle Operations. PAC has also recently purchased the 408-unit Ashford Park in Atlanta and the 328-unit Lake Cameron in Raleigh, N.C.