04/17/2018 | by

John Williams, the co-founder, chairman and CEO of Preferred Apartment Communities, Inc. (NYSE: APTS) passed away on April 16.

Vice-Chairman and CIO Daniel DuPree will succeed Williams as chairman and CEO. Leonard Silverstein, a co-founder of the company, has been appointed vice-chairman and will continue as president and COO.

In a joint statement, DuPree and Silverstein described Williams as a “visionary” who “understood the importance of creating a company that is built on culture, associates, reputation and brand.”

Over the course of his career, according to the company, Williams directed and coordinated the development, construction, and management of more than $15 billion in real estate developments. Approximately $5.5 billion of this activity focused on multifamily housing, with the balance in other property types including hotels, condominiums and offices.

Williams also founded Post Properties, Inc. in 1970. He took Post Properties public as a REIT in 1993 and resigned as chairman in 2003. Post Properties eventually merged with apartment REIT MAA (NYSE: MAA) in 2016. Williams was a member of Nareit’s Board of Governors during his tenure at Post Properties.

Speaking on the Senate floor, Sen. Johnny Isakson (R-GA) said Williams was "a giant in every way in our state." He described Williams as "a great entrepreneur, building two great companies and helping thousands of other people in many other ways to build their companies."

Williams is survived by his wife Nancy; three children, Jay, Sarah Brook and Parker; and two grandchildren, Jack and Harrison.

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