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Apartment-only real estate investment trust Mid-America Apartment Communities (NYSE: MAA ) added yet another multi-family housing community to its portfolio, announcing yesterday it had completed the acquisition of Station Square at Cosner's Corner, a 260-unit upscale multi-family apartment community located in Fredericksburg, Va.
MAA is a self-administered, self-managed apartment-only REIT currently owning, or having ownership interest in, 49,873 apartment units. The Station Square property was developed in 2012 as a NAHB Research Center "Green Certified" property, and offers residents a mix of one-, two- and three-bedroom floor plans.
Mid-America EVP and CFO Al Campbell said, "We feel its upscale amenities and central location to major employment hubs in combination with our proven operating platform provides an appealing choice for the rental market and will generate a terrific long-term investment for MAA."
Multi-family housing has been one of the bright spots in the housing market. According to the CoStar Multifamily Price Index, vacancies dropped by 220 basis points between 2009 and 2012, while apartment rents grew 4.3% annually.
MAA's new property is definitely not down-market as it features an Internet cafe area, state-of-the-art fitness center, private movie screening room, resort-style saline pool, and even a dog park.
The property was bought from Johnson Development Associates. The sales price of the property has not be disclosed.