Preferred Apartment Communities, Inc. announced demise of John A. Williams, Co-Founder, Chief Executive Officer and Chairman of the Board of Directors of the company. Mr. Williams was a co-founder of the company and served as the Chief Executive Officer and Chairman of the Company since its formation in 2009. The company's board appointed Daniel M. DuPree as the company's Chairman and Chief Executive Officer, succeeding Mr. Williams in such roles, effective immediately.

Mr. DuPree has served as Vice Chairman of the Board of the Company since August 2012 and has served as Chief Investment Officer of the company since January 1, 2014. The Board also appointed Leonard A. Silverstein, a co-founder of the company, as Vice-Chairman of the Board and he will continue as President and Chief Operating Officer.