Alston & Bird client Preferred Apartment Communities Inc. simplified its operating structure by buying its manager, Preferred Apartment Advisors LLC, and its sub-manager, NMP Advisors LLC, for an aggregate purchase price of $154 million, plus up to $25 million of potential additional earnout consideration.
The company anticipates the transactions will generate cost savings in 2020 of approximately $32 million; simplify its structure through the integration of all its investment activity, corporate operations, and resources under a single, transparent corporate structure; and result in the continued leadership by the existing management team.
Listed on the New York Stock Exchange, Preferred Apartment Communities is a real estate investment trust focused on multifamily housing, office buildings, and grocery-anchored retail in growth markets throughout the U.S.
Advising a special committee of the board of directors formed by Preferred Apartment Communities to guide the transaction and ensure its fairness is an Alston & Bird team led by partners Rosemarie Thurston, David E. Brown, Michael Kessler, Jim Croker, Justin Howard and associates Ian Jones and Dougie Barnard.
The company anticipates the transactions will generate cost savings in 2020 of approximately $32 million; simplify its structure through the integration of all its investment activity, corporate operations, and resources under a single, transparent corporate structure; and result in the continued leadership by the existing management team.
Listed on the New York Stock Exchange, Preferred Apartment Communities is a real estate investment trust focused on multifamily housing, office buildings, and grocery-anchored retail in growth markets throughout the U.S.
Advising a special committee of the board of directors formed by Preferred Apartment Communities to guide the transaction and ensure its fairness is an Alston & Bird team led by partners Rosemarie Thurston, David E. Brown, Michael Kessler, Jim Croker, Justin Howard and associates Ian Jones and Dougie Barnard.