MEMPHIS, TN - MAA (NYSE: MAA) announced that it has completed the acquisition of Avala at Savannah Quarters, a 256-unit upscale apartment community located in the highly desirable area of Pooler in Savannah, Georgia.
Avala at Savannah Quarters was developed in 2009 in the Greg Norman designed golf community of Savannah Quarters and offers close proximity to numerous restaurant and entertainment venues in the historic district of Savannah, the Savannah/Hilton Head airport and numerous major employers in the area. The community offers luxury amenities including a state of the art fitness center, resort style pool, picnic area and over two acres of park and play area. Individual apartment homes feature upscale finishes including 9 foot ceilings, crown molding, ceramic tile floors, designer raised panel cabinetry and mosaic tiled backsplashes.
Commenting on the announcement, Al Campbell, EVP and CFO said, "We are very pleased to add Avala at Savannah Quarters to our Georgia portfolio. We believe the continued growth of the Port of Savannah, which is the fourth largest container port in the United States, and the recently announced expansion of Mitsubishi Power Systems will further support steady economic growth in the area for the foreseeable future."
The acquisition was funded by common stock issuances through MAA's at-the-market program and borrowings under our current credit facilities.
MAA is a self-administered, self-managed apartment-only real estate investment trust, which currently owns or has ownership interest in 47,910 apartment units throughout the Sunbelt region of the U.S.