ATLANTA, GA - Preferred Apartment Communities, Inc. (NYSE MKT: APTS) today announced it has promoted John A. Isakson to Chief Capital Officer. Isakson, who has served in a number of executive management roles since the company’s initial public offering, will remain on the investment committee and continue to oversee the company’s asset management functions. In addition, he will assume responsibility for the company’s varied capital needs at both the corporate and property level as well as institutional investor relations.
"With as much as we have grown over the past 2 years, it has become increasingly important for us to have someone focused on the capital needs of the company," said John A. Williams, CEO of Preferred Apartment Communities, Inc. "John has been a key member of our team, and I know he will do a great job in this expanded role."
About Preferred Apartment Communities, Inc. Preferred Apartment Communities, Inc. is a Maryland corporation formed primarily to acquire and operate multifamily properties in select targeted markets throughout the United States. As part of our business strategy, we may enter into forward purchase contracts or purchase options for to-be-built multifamily communities and we may make mezzanine loans, provide deposit arrangements, or provide performance assurances, as may be necessary or appropriate, in connection with the construction of multifamily communities and other properties. As a secondary strategy, we also may acquire or originate senior mortgage loans, subordinate loans or mezzanine debt secured by interests in multifamily properties, membership or partnership interests in multifamily properties and other multifamily related assets and invest not more than 10% of our total assets in other real estate related investments, as determined by our manager as appropriate for us. Preferred Apartment Communities, Inc. has elected to be taxed as a real estate investment trust under the Internal Revenue Code of 1986, as amended, commencing with its tax year ended December 31, 2011.