Preferred Apartment Communities, a newly organized REIT formed to acquire multifamily properties in the US, announced terms for its IPO on Tuesday. The Atlanta, GA-based company plans to raise $45 million by offering 4.5 million Class A shares at an estimated IPO price of $10 per share. At the proposed price, Preferred Apartment Communities will command a market value of $50 million. Preferred Apartment Communities plans to list on the NYSE Amex under the symbol APTS. Roth Capital and Anderson & Strudwick are the lead underwriters on the deal, for which timing was not disclosed.
