Preferred Apartment Communities has acquired a 392-unit multifamily project located in the the 5,000-acre, master-planned community Wiregrass Ranch in Wesley Chapel, Fla. The REIT paid $80 million for the property, which was finished in 2018.

Forest City Realty Trust has agreed to sell its stake in several regional malls to Australian investment manager QIC in a transaction that values the properties at $3.18 billion. The deal, which also includes Forest City transferring its retailing operations, calls for the sale of six retail centers by the end of this year and gives QIC the option to buy another four malls.

Australia's QIC Global Real Estate is poised to take full control of 11 regional malls that it jointly owns with Forest City Realty Trust. The properties are valued at $4 billion.

Forest City Realty Trust has signed nonbinding letters of intent with existing partners QIC and Madison International Realty to buy out its stake in close to 24 retail properties over a two- to three-year period. The properties -- 11 regional malls that Forest City co-owns with QIC and a New York retail portfolio that it co-owns with Madison -- have a potential value of $1.2 billion.

Forest City Enterprises has finalized most of its previously announced agreement with QIC. Under the initiative, Forest City and QIC are recapitalizing eight of Forest City's retail centers. Once the final venture has closed at the end of September, Forest City expects to generate net proceeds of $350 million.