Preferred Apartment Communities, Inc. is a real estate investment trust externally managed by Preferred Apartment Advisors, LLC. The firm invests in real estate markets of the United States. It primarily acquires and operates multifamily apartment properties. The firm benchmarks the performance of its portfolio against the MSCI U. S. REIT Index and the S&P Small Cap 600 Index. Preferred Apartment Communities, Inc. was formed on September 18, 2009 and is based in the United States.