MEMPHIS, TN - MAA (NYSE: MAA) announced that it has completed the acquisition of two new, high-end Florida apartment communities, The Retreat at Magnolia Parke Apartments in Gainesville and Atlantic Crossing in Jacksonville.
The Retreat at Magnolia Parke Apartments is a 204 unit upscale development completed in 2008. The property is located in the highly desirable Magnolia Parke sub-market with close proximity to Oak Mall, Gainesville's largest retail center. Gainesville is North Central Florida's employment hub with employment levels that are higher than the national average supported by extensive research, education and health services based employers. The upscale property boasts luxury amenities including a movie theater, resort style swimming pool, game room and outdoor fireplace. Individual units average 1,010 square feet in size and are complete with crown molding, walk-in closets and washers and dryers.
Atlantic Crossing, located in the highly desirable submarket of Deerwood Office Park and St. John's Town Center, is a 200 unit community that is within walking distance of Jacksonville's newest and largest retail and office parks. Jacksonville is well known as an intermodal transportation hub for the southeastern U.S. and is a leading distribution center nationally. Jacksonville boasts the largest deepwater port in the south and is a leading port for the U.S. The city is home to several national transportation and distribution operations and is expected to capture significant growth over the next 10 years. Constructed in 2007/2008, originally as condominiums, this upscale community features a high-end clubhouse with cyber cafe and internet lounge, a fitness center and a pavilion with gas grills. The individual units average a spacious 1,241 square feet and include 9' to 10' ceilings and large Juliette style balconies.
Commenting on the acquisitions, CFO, Al Campbell states, "We are thrilled to expand our presence in both Gainesville and Jacksonville. Both communities compliment our portfolio of well positioned, high quality properties located in both large and strong secondary markets across the Sunbelt."
The acquisitions, totaling $42.8 million and a combined cap rate of 6.1%, were 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 47,992 apartment units, including 638 development units, throughout the Sunbelt region of the U.S.