MEMPHIS, TN - Mid-America Apartment Communities announced that it has completed the acquisition of The Venue at Stonebridge Ranch, a high-quality 250-unit apartment community located in the Dallas, Texas MSA.
The Venue at Stonebridge Ranch is located in the largest master planned community in North Texas in the Dallas suburb of McKinney. The community includes a gated entrance, resort-style pool with area WiFi and garages. The apartment homes feature oversized garden bathtubs, walk in showers, walk in closets and double vanity sinks in select units.
MAA acquired the community, which was developed in 2000, with plans to contribute it to Mid-America Multifamily Fund II, LLC, MAA's joint venture with private capital. Commenting on the announcement, Al Campbell, EVP and CFO said, "We are excited to add another community in the McKinney suburb to our Dallas portfolio. We believe this community provides an attractive opportunity for Fund II and allows us to further utilize the combination of the joint venture structure with our operating platform to create value for our shareholders."
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 45,841 apartment units throughout the Sunbelt Region of the U.S.
Source: Mid-America Apartment Communities