MEMPHIS, Tenn., Sept. 20, 2012 /PRNewswire/ -- MAA (NYSE:
MAA) announced today that it has entered the Kansas City, Missouri market with the
acquisition of Market Station, an upscale, urban mid-rise apartment
community.
(Logo: http://photos.prnewswire.com/prnh/20110614/CL19184LOGO
)
The 323-unit Market Station property was developed in 2010 and
is located in the River Market area, a riverfront neighborhood
located immediately north of the Central Business District in
downtown Kansas City. Kansas
City is the corporate headquarters for several employers,
including Hallmark Cards, H&R Block and AMC
Entertainment. Other major downtown employers include
AT&T, Kansas City Power & Light, Bank of America, Blue
Cross Blue Shield of Kansas City
and Truman Medical. The community's prime location also
affords residents easy access to several entertainment venues in
downtown Kansas City including the
Power and Light District, The Sprint Center and Crown
Center.
Market Station provides residents with a wide array of amenities
including a resort-style swimming pool with spa and grill stations,
a covered outdoor kitchen with fireplace and a state-of-the-art
fitness center that overlooks the Missouri River. The
apartment homes offer faux hardwood flooring, island kitchens,
large walk-in closets and private patio and balconies in select
units.
Commenting on the announcement, Al
Campbell, EVP and CFO said, "We are pleased to be expanding
our footprint into the well diversified economy of the Kansas City market. We believe this
market is a strong addition to our secondary market portfolio and
supports our strategy to provide attractive investment returns for
our shareholders through capital deployment across both large and
secondary markets."
About MAA
MAA is a self-administered, self-managed apartment-only
real estate investment trust, which currently owns or has ownership
interest in 49,687 apartment units focused on delivering full-cycle
and superior investment performance throughout the Sunbelt region
of the U.S. For further details, please refer to the MAA
website at www.maac.com or contact Investor Relations at
investor.relations@maac.com. 6584 Poplar Ave., Memphis, TN 38138.
Certain matters in this press release may constitute
forward-looking statements within the meaning of Section 27-A of
the Securities Act of 1933 and Section 21E of the Securities and
Exchange Act of 1934. Such statements include, but are not limited
to, statements made about anticipated acquisition and economic
performance results. Actual results and the timing of certain
events could differ materially from those projected in or
contemplated by the forward-looking statements due to a number of
factors, including changes in general economic conditions or the
capital markets, competitive factors including overbuilding or
other supply/demand imbalances in some or all of our markets,
changes in interest rates and other items that are difficult to
control, as well as the other general risks inherent in the
apartment and real estate businesses. Reference is hereby made to
the filings of Mid-America Apartment Communities, Inc., with the
Securities and Exchange Commission, including quarterly reports on
Form 10-Q, reports on Form 8-K, and its annual report on Form 10-K,
particularly including the risk factors contained in the latter
filing.
SOURCE MAA