PAC Acquires 808-Bed Student Housing Property in College Station

COLLEGE STATION, TEXAS — A subsidiary of Preferred Apartment Communities Inc. (PAC), a publicly traded multifamily investment firm, has acquired The Tradition, an 808-bed student housing property in College Station. The 427-unit community is located one block away from Texas A&M University and features amenities such as a pool, outdoor grilling areas, 24-hour fitness center, computer stations, Starbucks Coffee bar, theater room and a game room. PAC financed the acquisition with a $30 million first mortgage bridge loan from Macquarie Group, an Australian investment banking firm. The seller was not disclosed.