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May. 23, 2013

MAA Buys Second Apartment Community in Fredericksburg

By Dees Stribling, Contributing Editor

Fredericksburg, Va.—MAA has completed its acquisition of Station Square at Cosner’s Corner, a 260-unit apartment property in Fredericksburg, Va., for an undisclosed price. The seller was the property’s developer, Johnson Development Associates, and includes an undeveloped parcel.

Memphis-based MAA is no stranger to the market or the seller. In 2011, the company bought the Seasons at Celebrate Virginia apartment complex from Johnson Development in late 2011. Station Square at Cosner’s Corner is about four miles from Celebrate Virginia, and was developed in 2012 as a NAHB Research Center “Green Certified” property.

Station Square at Cosner’s Corner includes one-, two- and three-bedroom units with 9-foot ceilings, granite countertops and an average apartment size of 1,032 square feet. Common amenities include an Internet cafe, fitness center, private movie screening room, resort-style saline pool and dog park.

The property is adjacent to the Spotsylvania County Regional Medical Center and the 1.5 million-square-foot retail shopping area of Cosner’s Corner. It’s also near the new commuter terminal for the Virginia Railway Express, which links to Union Station in Washington, D.C., about 50 miles away.

MAA, a REIT, owns nearly 50,000 apartment units nationwide. Recently it reported that its funds from operations for the first quarter of 2013 was $1.25 per share, compared with $1.12 per share for the same quarter a year earlier. During the early 2013, it also made acquisitions in metro Atlanta and Houston.

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