MEMPHIS, TN - MAA announced that it has completed the acquisition of Verandas at SouthWood, a high-quality 300-unit gated apartment community located in Tallahassee, Florida. Verandas at SouthWood is located on Capital Circle adjacent to the State of Florida's Capital Circle Office Complex, the new Florida First District Court of Appeal and the master-planned community of SouthWood. The SouthWood community is the region's largest, comprehensively designed, master-planned community which integrates over 1,000 acres of protected parks and green space amongst single family homes, a town center and the SouthWood Golf Club, which was recently ranked "One of the Top Three New Upscale Public Courses in the Country" by Golf Digest magazine.
MAA acquired Verandas at SouthWood, which was developed in 2003, through 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 about the upside opportunity associated with this new investment in one of our strong secondary markets, which are key to our full cycle performance objectives. We believe this community provides an attractive opportunity to leverage the combination of our joint venture investment platform with our operating strengths and renovation expertise to create attractive new value for our shareholders."
The joint venture will assume an existing loan and MAA will fund its share of the net purchase price through common stock issuances through its 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 47,588 apartment units, including 638 development units, throughout the Sunbelt region of the U.S.