Preferred Apartment Communities, Inc. (NYSE:APTS) is offering a maximum of 500,000 shares of Series M Redeemable Preferred Stock. Assuming the maximum offering, Preferred Apartment will receive net proceeds from the sale of mShares in this offering of approximately $477.5 million, after deducting estimated offering expenses, including the dealer manager fee, payable by us of approximately $22.5 million. Preferred Apartment intend to invest substantially all the net proceeds of this offering in connection with the acquisition of multifamily properties and other real estate-related investments, including grocery-anchored shopping centers, and for general working capital purposes