Preferred Apartment Communities buys student housing in Orlando
Preferred Apartment Communities bought Retreat at Orlando, a student-housing community, from Inland Private Capital Corporation. The price of the deal was not disclosed. But the buyer financed the acquisition through a non-recourse first mortgage loan, totaling approximately $47.1m, from Fannie Mae originated by PNC Bank. The 221-unit, 894-bed property mainly serves the University of Central Florida in Orlando. At the time of the sale the 427,657 sq ft asset was 99 percent leased. Private Capital Corporation acquired the off-campus asset in 2015 for $72.5m, or just over $80,375 per bed.