Mid-America Apartment Communities, Inc. (MAA - Free Report) , an apartment-only real estate investment trust (REIT), recently completed the acquisition of Retreat at Lake Nona. This is a 394-unit multifamily apartment community in Orlando, Florida. The property was acquired from an unnamed seller for an undisclosed amount.
The Retreat at Lake Nona features apartments with an average size of 1,069 square feet. The upscale community offers amenities such as a resort-style pool, tennis and basketball courts, and outdoor grills.
This is a valuable acquisition for MAA owing to its close proximity to the Medical City development, an emerging 600-acre science and technology park. The strategic location ensures that residents of the upscale community can gain easy access to two major commuter routes, both of which connect to several other regional employment and retail centers.
The acquisition is part of the company’s long-term strategy to strengthen its presence in Central Florida .This deal is expected to be accretive to the company’s 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 48,828 apartment units. MAA’s portfolio is broadly divided in two tiers — larger primary markets and lower population secondary markets . The strategy helps to mitigate risk 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 - Free Report) holds a Zacks #3 Rank, which implies a short-term Hold rating.