MAA Buys 260-Unit M-F Property in Virginia
- May 23, 2013
Apartment REIT MAA has increased its presence in Fredericksburg, Va., with the purchase of the Haven at Cosner’s Corner, an upscale, 260-unit multi-family community located roughly 50 miles south of Washington, D.C. MAA picked up the year-old property from its developer, Johnson Development Associates, and has renamed it Station Square at Cosner’s Corner.
MAA got more than a collection of luxury residences with the acquisition of Cosner’s Corner; it walked away with room for growth, as the property also includes an undeveloped parcel of land. However, as an MAA spokesperson told Commercial Property Executive, the REIT has no plans for a project on the site at this time.
That’s not to say that Fredericksburg hasn’t been a source of success for MAA, which has a portfolio of approximately 50,000 apartment units spanning 13 states, predominantly in the Sunbelt region. During the company’s first quarter earnings call earlier this month, CEO Eric Bolton said that Fredericksburg, along with Lexington, Ky., and Chattanooga, Tenn., delivered top results in the REIT’s secondary markets. The numbers were based on what had been MAA’s only property in Fredericksburg at the time, Seasons at Celebrate Virginia, which the REIT acquired from Johnson Development in late 2011.
Cosner’s Corner sits just four miles from Celebrate Virginia and MAA expects the property to perform just as well. “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,” CFO Al Campbell noted in a prepared statement.