MEMPHIS, TN - Mid-America Apartment Communities, Inc. (NYSE: MAA) announced today that it has completed the acquisition of Avondale at Kennesaw Farms, an upscale 288-unit apartment community located in the Nashville MSA.
Avondale at Kennesaw Farms was developed in 2009 and is the area's newest premier apartment community in the prestigious Kennesaw Farms Neighborhood. Property amenities include a luxurious clubhouse with a full entertainment kitchen and wireless internet cafe as well as a resort-style swimming pool. The apartment homes boast nine-foot ceilings, oversized mud rooms with washer and dryer, and stand-alone showers.
Commenting on the announcement, Al Campbell, EVP and CFO said, "We're excited to be adding this upscale community in a market with such a growing and diverse economic base."
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 44,462 apartment units throughout the Sunbelt Region of the U.S.
Source: Mid-America Apartment Communities