MEMPHIS, TN - MAA announced today that it has completed the acquisition of Tattersall at Tapestry Park, a 279-unit upscale apartment community located in the highly desirable Southeast sub-market of Jacksonville, Florida.
Tattersall at Tapestry Park is a condo-quality community developed in 2009 as the second phase of a mixed-use development project. The first phase of the development, which was not acquired by MAA, includes condominiums, retail and office space, restaurants and a hotel. The acquired community includes a four-story parking garage, a lakefront walking trail, sundeck pool and numerous other resident facilities. The individual units include ceramic tile kitchen and baths, granite countertops, 42" cherry cabinets, brushed nickel fixtures and stainless steel appliances.
The community is located between the beaches and downtown Jacksonville and offers close proximity to a number of major employers in the area including the regional corporate headquarters of Fidelity National Financial and CSX. The area is also home to two of Jacksonville's top employers: Blue Cross & Blue Shield and Merrill Lynch.
Commenting on the announcement, Al Campbell, EVP and CFO said, "We are very pleased to expand our portfolio in the Jacksonville market to include Tattersall at Tapestry Park. Jacksonville is North Florida's employment hub and home to the largest deepwater port in the South. We believe Jacksonville will continue to offer strong leasing fundamentals 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 48,189 apartment units throughout the Sunbelt region of the U.S.