MEMPHIS, TN - Mid-America Apartment Communities, Inc. (NYSE: MAA) announced today that it has completed the acquisition of La Valencia at Starwood, a newly developed upscale 270-unit apartment community located in the Dallas/Ft. Worth MSA.
Source: Mid-America Apartment Communities
La Valencia at Starwood is a gated community completed in 2009 located in the master planned development of Starwood, in the north Dallas sub-market of Frisco. The upscale community offers high-end amenities including a resort-style pool, state-of-the-art fitness center and direct-access garages. The large apartment homes, averaging 992 square feet, feature nine-foot ceilings, wood flooring and custom pre-wiring for flat panel TVs and surround sound systems. The community is the first fully certified ENERGY STAR community in North Texas.
Commenting on the announcement, Al Campbell, EVP and CFO said, "We are excited to be adding a community in the highly desirable Frisco sub-market to our Dallas portfolio. This fast-growing area in the Dallas/Ft. Worth Metroplex was recently named one of the Top-10 Places to Relocate by Forbes.com. With close proximity to major employers, the North Dallas Tollway and a number of upscale shopping and entertainment venues, La Valencia at Starwood represents a terrific addition to our portfolio."
The community was developed by Tonti Properties, a Dallas based owner and operator of multifamily properties, and 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 45,591 apartment units throughout the Sunbelt Region of the U.S.