Sec Form 4 Filing - Sprain Jeffrey R @ PREFERRED APARTMENT COMMUNITIES INC - 2019-01-02

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Sprain Jeffrey R 2. Issuer Name and Ticker or Trading Symbol PREFERRED APARTMENT COMMUNITIES INC [ APTS] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) See Remarks (Last) (First) (Middle) 3284 NORTHSIDE PARKWAY, NW, SUITE 150 3. Date of Earliest Transaction (MM/DD/YY) 01/02/2019 (Street) ATLANTA, GA30327 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock, par value $0.01 per share 2,003 D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Class A Units ( 1 ) $ 0 ( 1 ) ( 2 ) ( 3 ) 01/02/2019( 1 )( 2 )( 3 ) A 7,001 ( 2 ) ( 3 ) ( 1 )( 2 )( 3 ) ( 1 ) Common Stock 7,001 ( 1 ) 7,001 ( 1 ) ( 2 ) ( 3 ) D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Sprain Jeffrey R 3284 NORTHSIDE PARKWAY, NW SUITE 150 ATLANTA, GA30327 See Remarks Signatures /s/ Shirley Day, as attorney-in-fact 01/04/2019 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Represents Class A Units ("Class A Units") of Preferred Apartment Communities Operating Partnership, L.P., of which Preferred Apartment Communities, Inc. (the "Company") is the general partner. Each Class A Unit may be exchanged for one share of the Company's common stock, or cash, as selected by the Company. Class A Units have no expiration date. ( 2 )On January 4, 2016, the reporting person was awarded a maximum of 10,790 Class B Units of the Operating Partnership ("2016 Class B Units") issued in lieu of any reimbursement for annual cash compensation for 2016, 2017 and 2018, subject to certain performance and time based conditions. As of January 3, 2017, all performance conditions were met for the 2016 Class B Units. When earned and vested, each Class B Unit is converted into a Class A Unit. On January 2, 2019, the final 3,596 2016 Class B Units vested and converted to Class A Units. ( 3 )On January 3, 2017, the reporting person was awarded a maximum of 10,216 Class B Units of the Operating Partnership ("2017 Class B Units") issued in lieu of any reimbursement for annual cash compensation for 2017, 2018 and 2019, subject to certain performance and time-based conditions. As of January 2, 2018, all performance conditions were met for the 2017 Class B Units. On January 2, 2019, 3,405 of the 2017 Class B Units fully vested and were converted into Class A Units. Subject to time-based conditions, the remaining 3,405 unvested 2017 Class B Units will vest on January 2, 2020 and will convert to Class A Units on that date.

Remarks: Executive Vice President, General Counsel and Secretary

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