Preferred Apartments agrees to buy 9 shopping ceners

|About: Preferred Apartment Comm... (APTS)|By:, SA News Editor

Inline with strategy to have a portion of its holdings in non-multifamily assets, Preferred Apartment Communities (NYSEMKT:APTS) agrees to the purchase of 9 grocery-anchored shoping centers located in Florida, Georgia, South Carolina, Tennessee, and Texas. In conjunction with the deal, the board is expected to increase the non-multifamily allocation to up to 20% from 10%.

The deal was sourced with the assistance of experienced retail hand Joel Murphy who has agreed to join APTS as President and CEO of New Market Properties. It's expected Murphy will be appointed to the board as well.