Preferred Apartment Communities, Inc. Completes Sale of Student Housing Assets for an Aggregate Purchase Price of Approximately $478.7 million

ATLANTA, Nov. 3, 2020 /PRNewswire/ — Preferred Apartment Communities, Inc. (NYSE: APTS) (“PAC” or the “Company”) closed today the previously announced disposition of its student housing assets to TPG Real Estate Partners for aggregate gross proceeds of $478.7 million, which will result in net proceeds at closing of approximately $245.0 million, after the satisfaction of $233.7 million of property level debt and other closing adjustments and costs.

“We are very pleased to announce the completion of the disposition of our student housing assets to TPG Real Estate Partners, an experienced real estate owner and operator. Achieving occupancy and leasing rates for the 2020 academic year that exceeded the prior year drove value and demonstrates our track record of operational success at these properties of which we are very proud. As we have stated, this sale is strategic and consistent with our previously announced objectives to exit the

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Blackstone Real Estate Income Trust to Acquire Simply Self Storage for Approximately $1.2 Billion

Blackstone Real Estate Income Trust, Inc. (“BREIT”) today announced that BREIT has entered into a definitive agreement to acquire Simply Self Storage from a Brookfield Asset Management real estate fund for approximately $1.2 billion. Simply Self Storage is one of the top five private owners of self-storage and operates a high-quality portfolio totaling eight million square feet across the U.S. BREIT currently owns a $300 million portfolio of self-storage facilities, and following this acquisition, BREIT will be the third largest non-listed owner of storage in the U.S.1

Frank Cohen, Chairman and CEO of BREIT, said, “This transaction is a complementary addition to BREIT’s high-quality portfolio of income-generating real estate, which is heavily weighted towards logistics and multifamily primarily in growth markets. Simply Self Storage is a best-in-class company with significant potential for growth through future acquisitions in a highly fragmented sector, and similar to logistics, self-storage is a resilient

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