CAPRE’s STUDENT HOUSING FUTURE Weekly Summary – December 9, 2020

Legacy Capital Partners and Morrison Avenue Capital Partners acquire Tuscaloosa apartment community: Legacy Capital Partners ("Legacy"), a Cleveland, OH-based national real estate investor firm, together with Morrison Avenue Capital Partners ("Morrison Avenue"), a Tampa, FL-based real estate owner and operator, today announced that they have successfully formed a joint venture and acquired a 1996-vintage, 208-unit conventional apartment community in Tuscaloosa, Alabama – Inverness Apartment Homes ("Inverness"). Tuscaloosa is the home of the University of Alabama, as well as a major Mercedes-Benz production plant which is currently undergoing a $1 billion expansion. The Mercedes-Benz production plant expansion is part of Mercedes-Benz global initiative to offer more than 50 electric vehicle variants by 2022. Legacy and Morrison Avenue have acquired Inverness as part of their value-add strategy which will increase cash flow and value through the execution of interior upgrades for all 208 units, exterior and amenity improvements, as well as addressing the property's deferred maintenance. Preferred Apartment Communities, Inc. Completes Sale of Student Housing Assets for an Aggregate Purchase Price of Approximately $478.7 million: 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. Ocean West Acquires 567-Bed Student Housing…