Preferred Apartment Communities, Inc. (NYSE:APTS) closed with change of 2.36% to $14.76 with the total traded volume of 379219 shares versus to an average volume of 490.47K. The stock was down in the 5 days activity -0.07%. The one month performance of stock was high 2.36%. APTS shares are below -28.52% for the quarter and driving 12.24% rally over the course of the past year and is now down -27.11% since this point in 2018. Right now APTS beta is 0.36. The average volatility for the week and month was at 2.35% and 2.87% respectively.
Preferred Apartment Communities, Inc. (NYSE:APTS) recently reported the sale of Lake Cameron, a Class A multifamily community located in Raleigh, North Carolina. PAC sold Lake Cameron for gross proceeds of approximately $43,450,000, which represents an exit capitalization rate of approximately 5.0%. PAC will utilize the proceeds for working capital purposes including reducing the outstanding balance under its revolving line of credit facility, acquisitions, real estate investment loans and general corporate purposes. The property achieved an average annualized return of approximately 19%.
Leonard A. Silverstein, the President and Chief Operating Officer for PAC said “We are pleased to announce the sale of Lake Cameron”.
Mr. Silverstein added, “The sale of Lake Cameron, which was built in 1997 and was our oldest multifamily asset, further demonstrates our commitment to pursue the youngest portfolio in the industry.”
John A. Isakson, Executive Vice President and Chief Capital Officer, noted, “We are pleased with the financial results of this transaction.”
Mr. Isakson, added, “We remain committed to constantly analyzing our portfolio in an effort to produce the best possible returns for our stockholders.”
Shares of Preferred Apartment Communities, Inc. have been recently spotted trading -35.01% off of the 52-week high price. On the other end, company shares have been noted 15.31% away from the low price over the last 52-weeks. 52 week range of the stock remained $ 12.80 – 22.71. Switching over to some distances from popular moving averages, we see that the stock has been recorded -5.52% away from the 50 day moving average and -17.56% away from the 200 day moving average. Moving closer, we can see that shares have been trading 2.51% off of the 20-day moving average.