MAA Buys 230-Unit Buckhead Apartment Community
- May 18, 2012
Memphis, Tenn.-based MAA, an apartment-only real estate investment trust, recently added the 230-unit Allure in Buckhead Village community to its portfolio of over 49,000 apartment units spread throughout the Sunbelt region of the U.S.
While the company is currently selling several of its Atlanta-area assets and an acquisition was not to be expected, MAA EVP and CFO Al Campbell commented on the company’s strategy. “We are currently selling several of our properties in the Atlanta market and we are pleased to be recycling capital into this high-end property and location,” said Campbell. “We believe the investment will benefit from the strong leasing appeal of the area and, combined with our operating platform, will drive attractive growth in value for our shareholders.” No financial details of the transaction have been disclosed.
Developed by Trammell Crow Residential in 2002, the mid-rise apartment community is located in the desirable Buckhead submarket of Atlanta, placing it within close proximity to major employers such as AT&T, IBM, Fidelity and Morgan Stanley, as well as major entertainment, retail and high-end residential locations.
Offering a mix of one- and two-bedroom floor plans with nine-foot ceilings and an average size of 979 square feet, the Allure in Buckhead Village features a resort-style swimming pool with sun deck, a fitness center and an outdoor kitchen. MAA plans to improve the existing features through a complete renovation of the apartment home interiors, with updates including stainless steel appliances, new counter tops, and enhanced lighting and plumbing fixture packages.
Photo Credits: Allure in Buckhead Village Official Website
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