Orlando, Fla. — Preferred Apartment Communities Inc. (PAC) has acquired The Retreat at Orlando, an 894-bed, cottage-style student housing community located near the University of Central Florida in Orlando.
PAC acquired the property through its wholly owned subsidiary Preferred Campus Communities LLC. The community offers two-, three-, four-, five- and six-bedroom units. Shared amenities include a resort-style pool; clubhouse; fitness center; tennis, basketball, bocce and volleyball courts; a sauna; golf simulator; and a club room with pool tables and a coffee bar.
The company financed the acquisition by assuming a non-recourse first mortgage loan from Fannie Mae originated by PNC Bank. The first mortgage loan is approximately $47.1 million, bears interest at a fixed rate of 4.09 percent, has 7.5 years of term remaining and amortizes based on a 30-year schedule.
Preferred Campus Management will manage the property. “We are excited to be managing this best in class asset and having it be part of the PCC portfolio,” says Kim Hodge, president of Preferred Campus Management.