MEMPHIS, TN - MAA announced today that it has completed the acquisition of Allure in Buckhead Village, a 230-unit mid-rise multi-family apartment community located in Atlanta, Georgia.
Allure in Buckhead Village was developed in 2002 by Trammell Crow Residential and is located in the desirable Buckhead sub-market of Atlanta which is one of the nation's largest mixed-use development areas. The Buckhead sub-market combines offices, retail outlets, hotels, restaurants, entertainment and high-end residential. Major employers in the area include AT&T, IBM, Fidelity and Morgan Stanley.
MAA plans to complete a renovation of the apartment home interiors with upgrades including stainless steel appliances, new counter tops, and enhanced lighting and plumbing fixture packages. The community offers residents a mix of one and two-bedroom floor plans with 9' ceilings, high-end maple cabinetry throughout and an average apartment size of 979 square feet. In addition, residents can enjoy a resort-style swimming pool with sun deck, fitness center and outdoor kitchen.
Commenting on the announcement, Al Campbell, EVP and CFO said, "We are currently selling several of our properties in the Atlanta market and we are pleased to be recycling capital into this high-end property and location. We believe the investment will benefit from the strong leasing appeal of the area and, combined with our operating platform, will drive attractive growth in value for our shareholders."
MAA is a self-administered, self-managed apartment-only real estate investment trust, which currently owns or has ownership interest in 49,155 apartment units throughout the Sunbelt region of the U.S.