Preferred Apartment Communities to Sell Student Housing Portfolio to TPG for $478.7M
ATLANTA — Preferred Apartment Communities (PAC) has entered into an agreement with TPG Real Estate Partners to sell an eight-property student housing portfolio for $478.7 million. The portfolio is located in Arizona, Florida, Georgia, North Carolina and Texas. The Atlanta-based seller expects the sale to close by the end of the year.
The Arizona property is SoL, a 639-bed community serving students in Tempe. The Florida properties are NxNW, a 679-bed community in Tallahassee, and Knightshade, an 894-bed complex in Orlando.
In Georgia, PAC will sell Stadium Village, a 792-bed property in Kennesaw. PAC will also sell Rush, an 887-bed asset in Charlotte, N.C. The Texas communities included in the sale are The Tradition, an 808-bed complex in College Station, and The Bloc, a 556-bed property in Lubbock.
CBRE represented the seller in the transaction. PAC is a REIT whose portfolio includes apartment communities, grocery-anchored shopping centers, Class A office buildings and student housing communities.