Preferred Apartment Communities, Inc. (NYSE: APTS) announced its acquisition of Midway Market, an 85,599 square foot grocery-anchored shopping center in Dallas, Texas. The center is anchored by a strong-performing Kroger, the market share leading grocer. Midway Market is a high barrier to entry location with a three-mile population of 145,581 and strong average household incomes of over $98,000. The shopping center is located on the corner of Frankford Road and Midway Road which has optimal visibility and access with traffic counts of over 55,000 vehicles per day.

Michael Aide, President of New Market Properties, the wholly owned indirect subsidiary through which PAC purchased the center said, "We are pleased to expand our presence in Texas with a high performing Kroger anchored center. We now own 54 grocery-anchored centers consistent with our strategy to acquire well-positioned grocery-anchored centers in suburban Sunbelt and Mid-Atlantic markets with strong demographics that are anchored by market leading grocers." PAC purchased Midway Market all cash.

About New Market Properties, LLC

New Market Properties, LLC is a wholly-owned indirect subsidiary of Preferred Apartment Communities, Inc. and is focused on the grocery anchored shopping center sector. New Market currently owns and operates a portfolio of grocery anchored shopping centers in nine states. New Market's strategy is to prudently grow and operate its existing portfolio throughout the Mid-Atlantic, Southeast and Texas. New Market targets high quality suburban markets with dominant grocers such as Publix, Kroger, Harris Teeter, Tom Thumb, HEB, and Giant Food.

About Preferred Apartment Communities, Inc.

Preferred Apartment Communities, Inc. (NYSE: APTS) is a real estate investment trust engaged primarily in the ownership and operation of Class A multifamily properties, with select investments in grocery anchored shopping centers, Class A office buildings, and student housing properties. Preferred Apartment Communities' investment objective is to generate attractive, stable returns for stockholders by investing in income-producing properties and acquiring or originating real estate loans. As of December 31, 2019, we owned or were invested in 123 properties in 15 states, predominantly in the Southeast region of the United States. Learn more at www.pacapts.com.