Source: MAA / #Apartments #Multifamily
MEMPHIS, TN - MAA announced that it has completed the acquisition of Aventura at Indian Lake Village, a 300-unit apartment community located in the Nashville metropolitan statistical area. Aventura at Indian Lake Village was developed in 2010 and is located within Indian Lake Village, a desirable master-planned mixed-use development in the Hendersonville submarket. The community offers upscale amenities including a resort style pool with sundeck, exterior fireplaces and walking path access to acres of designated greenways. Interior amenities include 9' ceilings, cherry cabinets and granite countertops.
Aventura at Indian Lake Village is convenient to Interstate 65 and only 15 miles northeast of downtown Nashville which was recently ranked by Forbes as the "15th Best Place for Business and Careers." Nashville hosts two major league sport franchises, is home to the headquarters for several Fortune 500 companies, and is a major employer in the music, medical and automotive industries.
Commenting on the announcement, Al Campbell, EVP and CFO said, "We are very pleased to add Aventura at Indian Lake Village to our Nashville portfolio. The Nashville area has experienced strong population growth over the past decade. We expect the positive demographic and economic trends of this area to support strong leasing fundamentals in the coming years."
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 48,926 apartment units throughout the Sunbelt region of the U.S.