MAA acquires 300-unit upscale apartment community in Richmond, Virginia, completes financing of US$128M of fixed-rate debt to replace US$100M loan facility scheduled to mature July 1
June 2, 2011
– MAA (NYSE: MAA)announced today that it has entered the Richmond, Virginia market and completed the acquisition of The Hamptons at Hunton Park, a 300-unit upscale apartment community.
The Hamptons at Hunton Park, which was developed in 2003, features spacious units averaging 1,032 square feet in size. The community boasts high end amenities such as a theater room, 24 hour fitness center and resort-style swimming pool. The award-winning property is located just minutes from Richmond's prestigious office park, Innsbrook Corporate Center, and many great shopping areas.
Commenting on the announcement, Al Campbell, EVP and CFO said, "We are very pleased to mark our entrance into the Richmond, Virginia MSA with the purchase of The Hamptons at Hunton Park. Richmond is well known as one of the East Coast's most vibrant and consistent economies and is home to eleven Fortune 1000 Companies. We expect the combination of limited new supply in the area, a growing local economy and our operating strength to produce an attractive return for our shareholders."
The acquisition was funded by common stock issuances through MAA's at-the-market program and borrowings under our current credit facilities.
MAA has also completed the financing of $128 million of fixed rate debt to replace a $100 million loan facility scheduled to mature on July 1, 2011. The new ten-year mortgage is financed through an insurance company and has a fixed interest rate of 5.08%.
MAA is a self-administered, self-managed apartment-only real estate investment trust, which currently owns or has ownership interest in 47,654 apartment units throughout the Sunbelt region of the U.S. For further details, please refer to the MAA website at www.maac.com or contact Investor Relations at firstname.lastname@example.org. 6584 Poplar Ave., Memphis, TN 38138.