(MAA) Mid-America Apartment Communities Buys Assets in Florida

Mid-America Apartment Communities Inc. (MAA) recently completed the acquisition of a 279-unit luxury apartment community Tattersall at Tapestry Park, located in the Southeast sub-market of Jacksonville, Florida. The acquisition was funded by a combination of share offerings and borrowings under the company’s current credit facilities.

Developed in 2009 as the second phase of a mixed-use development project, Tattersall at Tapestry Park is a condo-quality community. The apartment community possesses numerous residential facilities including a four-story parking garage, lush landscapes with relaxing water features and a sundeck pool. MAA, however, did not buy the first phase of the development, which included condominiums, retail and office space, restaurants and a hotel.

The acquisition will likely be accretive for Mid-America given Jacksonville has the largest deepwater port in the south and is the employment hub of North Florida. The acquired community is in close proximity to some of the biggest employers in Jacksonville.

Mid-America is a leading player in the apartment real estate industry with a portfolio of multi-family housing that stretches across the Sunbelt region of the United States. Mid-America’s capital allocation and portfolio program diversifies it in two tiers–larger primary markets and lower population secondary markets across the Sunbelt region, which reduce risks and provide growth opportunities and returns to its investors.

Mid-America currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. We are also maintaining our long-term Neutral recommendation on the stock. One of its competitors, UDR, Inc. (UDR), currently retains a Zacks #3 Rank.

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