Source: MAA / #Apts #Multifamily
MEMPHIS, TN - MAA announced that it has completed the acquisition of Legends at Lowe's Farm, a 456-unit apartment community located in the Dallas/Fort Worth metropolitan statistical area. Legends at Lowe's Farm was developed in 2008 and offers amenities including a resort style pool with lap lane, fitness and business centers, garages and upscale interior amenities. The community is located in Mansfield, Texas, a growing submarket of Dallas/Fort Worth which boasts a highly-regarded school district and proximity to metropolitan job centers and recreational and retail facilities.
Commenting on the announcement, Al Campbell, EVP and CFO said, "We are very pleased to add Legends at Lowe's Farm to our Dallas/Fort Worth portfolio. Dallas Fort/Worth, the fourth largest metropolitan area in the country, is home to 24 Fortune 500 headquarters and offers a diverse economy which we believe will support strong market 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 48,625 apartment units throughout the Sunbelt region of the U.S.