MAA Announces Property Acquisitions Worth $57M

Mid-America Apartment Communities, Inc. MAA announced today that it has acquired two new apartment communities and entered the Charlotte, North Carolina market. On December 1, 2010, MAA acquired the 268-unit Bella Casita apartment community. The high-end, mid-rise multifamily and retail development was completed in 2007 and is located in Las Colinas, a highly desirable submarket in the Dallas/Fort Worth market. On December 13, 2010, MAA acquired the 1225 South Church apartments located in the South End area of Charlotte, North Carolina. The new apartment community currently consists of 196 apartment homes and represents Phase I of a planned 406-unit community. The acquisitions, totaling $57 million, were funded by borrowings under existing credit facilities and common stock issuances through MAA's at-the-market program.