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MAA Extends Texas Footprint

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MAA (MAA - Free Report) , an apartment-only real estate investment trust (REIT), has recently completed the acquisition of Haven at Blanco -- a 436-unit multifamily apartment community in San Antonio, Texas. The property was acquired from an unnamed seller for an undisclosed amount.

Built in 2010, the Haven at Blanco features apartments with an average size of 1,063 square feet. The upscale community offers amenities such as a resort-style pool, garages and other facilities.

This is a valuable acquisition for MAA owing to its close proximity to San Antonio's northwest job corridor, the city's largest employment sector and the South Texas Medical Center -- home to 45 medical institutions. The strategic location ensures that residents of the upscale community can gain easy access to major thoroughfares.

The acquisition is part of the company’s long-term strategy to strengthen its presence in the San Antonio market. With economic diversification in this region, the 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 49,264 apartment units. MAA’s portfolio is broadly divided into two tiers -- larger primary markets, and lower population secondary markets. This helps to mitigate risk and provide 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.

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