Mid-America Acquires Assets

Mid-America Apartment Communities Inc (MAA - Snapshot Report) recently announced that it has completed the acquisition of a 300-unit apartment community,  Aventura at Indian Lake Village located in the Nashville metropolitan area for an undisclosed amount. The acquisition was funded by common stock issuances by the company and borrowings under its current credit facilities.

The acquired property, Aventura at Indian Lake Village, is a master-planned community in the Hendersonville submarket. This upscale community offers modern amenities for the relaxation and recreation of its residents. The acquisition is a part of the company’s long-term strategy to strengthen its Nashville portfolio.

The Nashville area has witnessed strong population growth over the past decade and the company expects the economic trends of this area to support robust leasing fundamentals going forward.

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 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 - Analyst Report) also holds a Zacks #3 Rank.

Read the full analyst report on UDR

Read the full analyst report on MAA