MEMPHIS, TN - Mid-America Apartment Communities, Inc. (NYSE: MAA) announced today that it has acquired a 39.8-acre parcel of land in Franklin, TN (Nashville MSA) for $6.4 million. MAA also entered into an agreement with Crescent Resources, LLC to develop a 428-unit apartment community on the site and expects to start construction within the next 60 days. The development site is strategically located in the highly desirable Cool Springs submarket offering easy access to Downtown Nashville and the Nashville International Airport and is minutes away from the Cool Springs Galleria, which contains more than 60 restaurants and high-end retail shops.
The Cool Springs area of Franklin, Tennessee is one of Nashville's largest employment centers. Major employers include Nissan's North American headquarters, Verizon Wireless' state headquarters, Mars Inc., and Healthways' corporate headquarters.
The upper-end community is designed to be a National Association of Home Builders (NAHB) Green Certified Site Design and Development. The new development will include large units averaging 1,068 square feet, high-end interiors and finishes, with a number of units offering attached and detached garages.
Commenting on the announcement, Al Campbell, EVP and CFO said, "We see this investment as a terrific value-add development opportunity adding a high quality asset to our portfolio in a very desirable submarket within one of our target growth markets."
MAA is a self-administered, self-managed apartment-only real estate investment trust which currently owns or has ownership interest in 46,269 apartment units, including 428 development units, throughout the Sunbelt Region of the U.S.
Source: Mid-America Apartment Communities