Mid-America Apartment Communities Inc. (MAA), an apartment-only real estate investment trust has recently acquired Verandas at South Wood, a premium quality 300-unit apartment community based in Tallahassee, Florida, for an undisclosed amount.
The South Wood community was acquired by Mid-America through Mid-America Multifamily Fund II, LLC, a joint venture with private capital. The deal includes an existing loan and will be funded through a market offering.
The South Wood community is the largest master planned community located in Capital Circle and is adjacent to the State of Florida’s Capital Circle Office Complex. It is spread over 1000 acres of parks and green space along with a town center and a golf club.
The acquisition is a part of the long term strategy of the company to better utilize its investments with its operating strengths and expertise as well as create attractive returns for its shareholders.
Mid-America is a leading performer in the apartment real estate industry with a portfolio of multifamily housing that stretches across the Sunbelt region of the United States.
Mid -America’s capital allocation and portfolio program is built to diversify it in two tiers –larger primary markets and lower population secondary markets across the Sunbelt region which would 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, which translates into a short-term Hold rating.
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