Mid-America Apartment Communities Inc. (MAA) recently acquired an upscale apartment community, the Avala, at Savannah Quarters located in Savannah, Geogia for an undisclosed amount. The acquisition was funded through proceeds generated from share offering and borrowings under the company's current credit facilities.
Developed in 2009, the 256 unit apartment community in the Pooler area is a premium lifestyle golf community offering modern amenities including a fitness center, clubhouse and over two acres of playground area. The apartment community is in close proximity to the airport and other entertainment venues, thereby making it easily accessible. Further, the Savannah quarters offer charm, relaxation, beauty and recreation facilities to its residents.
This acquisition appears to be accretive for Mid-America as the infrastructure at Savannahs is expected to further grow given the further development of the Port of Savannah, which is the fourth largest container port in the United States, and the expansion of Mitsubishi Power Systems.
Mid-America is a leading performer 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 is built to diversify it into two tiers – larger primary markets and lower population secondary markets across the Sunbelt region to allocate risk 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, implying a short-term Hold rating.
MID-AMER APT CM (MAA): Free Stock Analysis Report
MID-AMER APT CM (MAA): Free Stock Analysis Report
Be the first to comment