MEMPHIS, TN - MAA announced that it has completed the acquisition of Retreat at Lake Nona, an upscale 394-unit multi-family apartment community in Orlando, Florida.
Retreat at Lake Nona is located only two miles from the emerging Medical City development, a new 600-acre science and technology park that is currently home to Sanford-Burnham Medical Research Institute, the University of Central Florida College of Medicine, and the MD Anderson Cancer Research Institute. Medical City will also soon see the opening of The University of Florida Academic & Research Center, Nemours Children's Hospital and the Orlando Veterans Affairs Medical Center. In addition to close proximity to Medical City, Retreat at Lake Nona residents enjoy easy access to two major commuter routes providing connection to several other regional employment and retail centers including the Central Florida Research Park, downtown Orlando, Orange County Convention Center and the Maitland Center Office Park. The Retreat at Lake Nona community provides residents with a wide array of amenities including a resort-style pool, lighted tennis courts, a basketball court, outdoor grills, and fitness and business centers. The apartment homes average 1,069 square feet and offer nine foot ceilings, garden tubs and large walk-in closets.
Commenting on the announcement, Al Campbell, EVP and CFO said, "We are pleased to capture this opportunity to expand our operations and efficiencies in central Florida and expect Retreat at Lake Nona will generate an attractive investment return for shareholders."
MAA is a self-administered, self-managed apartment-only real estate investment trust, which currently owns or has ownership interest in 48,828 apartment units focused on delivering full-cycle and superior investment performance throughout the Sunbelt region of the U.S.
Source: MAA / #Multifamily #Apartments