MEMPHIS, TN - Mid-America Apartment Communities, Inc. (NYSE: MAA) announced today that it has completed the acquisition of Verandas at Sam Ridley, an upscale 336-unit gated apartment community located in the Nashville MSA. Verandas at Sam Ridley was developed in 2009 and is located at the intersection of I-24 and Sam Ridley Parkway. Property amenities include large floor plans averaging 1,164 square feet, garages, media and business centers and a pool with outdoor spa. The apartment homes feature stainless finish appliances, crown molding and sunrooms or screened porches.
Source: Mid-America Apartment Communities
The property is located in very close proximity to an extensive new retail shopping development and a new regional hospital and health services operation. In addition, the property is minutes away from major employment centers along the I-24 Business Corridor including a Nissan North America manufacturing plant with 4,400 employees.
Commenting on the announcement, Al Campbell, EVP and CFO said, "We are excited to be increasing our presence in the Nashville MSA with its diverse economic base which continues to support strong population growth."
The acquisition, totaling $32 million, was funded by borrowings under existing credit facilities and common stock issuances through MAA's at-the-market program.
MAA is a self-administered, self-managed apartment-only real estate investment trust which currently owns or has ownership interest in 44,798 apartment units throughout the Sunbelt Region of the U.S.