MAA Announces Acquisition Adalay Bay

MAA MAA announced today that it has completed the acquisition of Adalay Bay, a 240-unit apartment community located in Chesapeake, Virginia. Adalay Bay was developed in 2002 and is located in the very desirable Hampton Roads area of Chesapeake which is part of the Norfolk-Virginia Beach-Newport News metropolitan statistical area. Hampton Roads is home to the commercial Port of Hampton Roads which is serviced by 90% of the world's shipping lines and a strong and growing technology industry. Numerous Fortune 500 companies have a presence in Hampton Roads including Norfolk Southern, 3M, AT&T, Boeing, Federal Express, Anheuser-Busch, Xerox and Lockheed Martin, to name a few. Hampton Roads also boasts a strong tourism industry with attractions including Colonial Williamsburg, the Maritime Center, Busch Gardens and Virginia Beach.