20 August 2010

Mid-America Buys NC Apartment for $33.6 Million

Bloomberg / Business Week

Mid-America Apartment Communities Inc. said Wednesday it completed the acquisition of a 208-unit apartment building in North Carolina for $33.6 million.

Originally developed as condominiums, the high-end apartment and retail property was completed last year and is located in downtown Raleigh real estate.

Mid-America bought the property from the construction lender. The deal was funded by borrowings under existing credit facilities and stock issuances.

Shares of the real estate investment trust rose 43 cents to $56.50.

No comments:

Post a Comment