ATLANTA, Nov. 8, 2013 /PRNewswire/ -- Preferred Apartment Communities, Inc. (NYSE MKT: APTS), or the Company, today announced that, effective as of January 1, 2014, Daniel M. DuPree, who has served as a member of the Board of Directors of the Company since its initial public offering in 2011, will become Chief Investment Officer of the Company and remain as Vice Chairman of the Board of Directors. Prior to serving on the Board of the Company, Mr. DuPree was President and Chief Operating Officer of Cousins Properties Incorporated from 1992 to 2001 and from 2003 to 2009. In connection with Mr. DuPree becoming an officer of the Company, Howard A. McLure has been designated as the lead independent director of the Board. Also, the Company announced that it has increased the size of its Board of Directors from seven to eight members, and has elected William J. "Johnny" Gresham, Jr. to serve as a new independent director commencing January 1, 2014. Mr. Gresham is a well-known Georgia commercial real estate entrepreneur, a former Member of the Georgia House of Representatives, a 17-year board member for the Georgia Department of Transportation where he also served as Chairman, as well as serving on boards of other public companies.
"We are delighted to add to the bench strength of the Company with the addition of Dan DuPree, an icon of Atlanta real estate, and we are fortunate to have someone of Johnny Gresham's knowledge and acumen join our Board," said John A. Williams, the Company's CEO.
About Preferred Apartment Communities, Inc.
Preferred Apartment Communities, Inc. is a Maryland corporation formed primarily to acquire and operate multifamily properties in select targeted markets throughout the United States. As part of our business strategy, we may enter into forward purchase contracts or purchase options for to-be-built multifamily communities and we may make mezzanine loans, provide deposit arrangements, or provide performance assurances, as may be necessary or appropriate, in connection with the construction of multifamily communities and other properties. As a secondary strategy, we also may acquire or originate senior mortgage loans, subordinate loans or mezzanine debt secured by interests in multifamily properties, membership or partnership interests in multifamily properties and other multifamily related assets and invest not more than 10% of our total assets in other real estate related investments, as determined by our manager as appropriate for us. Preferred Apartment Communities, Inc. has elected to be taxed as a real estate investment trust under the Internal Revenue Code of 1986, as amended, commencing with its tax year ended December 31, 2011.