This page is temporarily not available. Please check later as it should be available shortly. If you have any questions, please email customer support at email@example.com or call 800-767-3771 ext. 9339.
- Snapshot Report
), an apartment-only real estate investment trust (REIT), has recently completed the acquisition of Market Station, a premium mid-rise apartment community in Kansas City, Missouri. The property was acquired from an unnamed seller for an undisclosed amount
Developed in 2010, the 323-unit Market Station property is located in the River Market area in downtown Kansas City. The upscale community features various facilities such as a resort-style pool, spa and grill stations, and a state-of-the-art fitness center overlooking the Missouri river. Select premium units also feature private patio and balconies
This is a valuable acquisition for MAA owing to its riverfront location and close proximity to the Central Business District in Kansas City. The strategic location ensures that residents of the upscale community can gain easy access to several major offices and commercial and entertainment venues in the region
The acquisition is part of the company’s long-term strategy of expanding its footprint in strong secondary markets like Kansas City. With this transaction, the company continues to deploy capital across both secondary and large markets. The company expects this move to be accretive to its future earnings.
MAA 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. It currently has ownership interest in 49,687 apartment units. MAA’s portfolio is broadly divided in two tiers — larger primary markets, and lower populated secondary markets. A well-diversified portfolio helps to mitigate operating risks and provide growth opportunities and steady returns to its investors.
MAA currently retains a Zacks #2 Rank, which translates into a short-term Buy rating. We have a long-term Neutral recommendation on the stock. One of its competitors, UDR, Inc. ( UDR - Analyst Report ) holds a Zacks #3 Rank, which implies a short-term Hold rating.
Please login to Zacks.com or register to post a comment.