PAC buys Class A multifamily community in Tampa, Florida

PAC buys Class A multifamily community in Tampa, Florida

Preferred Apartment Communities, Inc.(PAC) has acquired 5 Oaks at Westchase, a newly constructed 218-unit Class A multifamily community in Tampa, Florida. 

“5 Oaks is another best-in-class investment opportunity.  The multifamily property is surrounded by affluent demographics, zoned for top-rated schools and is walkable to retail and restaurants including Costco and Starbucks,” stated Jeff Sherman, the Company’s Executive Vice President and Managing Director of Multifamily.

“5 Oaks also sets the bar for design and finishes with direct elevator access, screened-in porches, quartz counters, stainless appliances and resort style amenities. This is our second acquisition from Flournoy Development, a premier multifamily developer located in Columbus GA, and we look forward to a long working relationship,” he added.

Built in 2019, 5 Oaks at Westchase, Class A multifamily community is located in Westchase submarket of Tampa, Florida, an over 2,000-acre master-planned community located in the northwest region of Tampa.

5 Oaks was purchased all cash; however, the Company plans to finance the property with favorable debt terms at a later date.