MEMPHIS, TN - Mid-America Apartment Communities, Inc. announced that it has acquired the 340-unit Alamo Ranch apartment community located in the Westover Hills corridor of northwest San Antonio. The high-end multifamily development was completed in 2009 and is part of a newly developed mixed-use master-planned community with over 900,000 square feet of shopping, entertainment and dining options. In addition, the community offers residents close proximity and an easy commute to several major employers including the South Texas Medical Center. Alamo Ranch is a gated community that offers residents open design kitchens with granite countertops, nine foot ceilings, attached garages and a resort-style pool, among other amenities.
Commenting on the new acquisition, Al Campbell, EVP and CFO said, "With an employment growth rate that has well outpaced the U.S. average over the last 5 years and positive population growth projections for the foreseeable future, we are excited to be expanding our investment in the San Antonio area."
The acquisition 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 46,646 apartment units throughout the Sunbelt Region of the U.S.
Source: Mid-America Apartment Communities