Mid-America Apartment Communities acquires upscale 256-unit apartment community located in greater Greenville, South Carolina
June 25, 2010
– Mid-America Apartment Communities, Inc. (NYSE:MAA - News) announced today that it has completed the acquisition of Alta Brookwood, an upscale 256-unit apartment community located in the greater Greenville, South Carolina MSA.
The property was developed in 2008 and is strategically located near the Clemson University International Center for Automotive Research, an advanced research and development campus. Property amenities include a clubhouse with a cyber cafe, detached garages and a resort-style swimming pool. The apartment homes boast nine-foot ceilings with crown molding, patios/balconies, walk-in closets and optional sunrooms.
Commenting on the announcement, Al Campbell, EVP and CFO said, "This acquisition fits well with our strategy to invest in Sunbelt markets with economic growth potential. The Greenville market is home to numerous world-class companies and is emerging as a national hub for the automotive and motorsports industry."
The acquisition was funded by borrowings under existing credit facilities and common stock issuances through MAA's at-the-market program.
Mid-America is a self-administered, self-managed apartment-only real estate investment trust which currently owns or has ownership interest in 44,174 apartment units throughout the Sunbelt Region of the U.S. For further details, please refer to our website at www.maac.net or contact Investor Relations at email@example.com or by mail at 6584 Poplar Avenue, Memphis, TN 38138.