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Oct
14

Atlanta Apartment Giant is Getting Back into the Game

By on Oct 14

Atlanta’s apartment royalty, John Williams, is launching a new company that will buy apartment communities around the country. Williams made his mark in the 1970s and 1980s when he founded and built Post Properties Inc. He then left the company in 2003.

Williams’ new venture, Preferred Apartment Communities Inc., is actively looking to raise $75 million in public offering and to have its stock listed on the NYSE Amex exchange.

Preferred Apartment Communities’ target markets will include metro areas around the country with populations of 1 million residents or more. Within these communities the company will buy properties from owners with debt and no way to refinance. The company is not expected to invest in unimproved property, develop new construction or acquire new construction.

Preferred Apartment Communities already has an Atlanta property under contract, the Oxford Summit, as well as one in Philadelphia. Both deals are expected to close in November.

Although Martin is working to buy properties from owners who are drowning in debt, it seems that he is not immune to the same fate. Currently, Williams is facing lawsuits from lenders attempting to reclaim millions of dollars of unpaid bank loans. However, real estate experts say that starting a new business in the midst of financial turmoil is not unusual.

For more information about this project, visit the

Atlanta Business Chronicle‘s website.

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