MAA Acquires Second Buckhead Apartment Complex

MAA has purchased the Allure at Brookwood, a 349-unit apartment community in Buckhead, for an undisclosed amount. This marks the comapny's second apartment complex purchase in Buckhead since May.

Allure at Brookwood, 40 Peachtree Valley Road NE, was developed in 2008, the Atlanta Business Chronicle reported. It has two six-story mid-rise buildings, which are joined by a five-level structured parking deck.

In May, MAA also announced their purchase of the 230-unit mid-rise apartment community formerly known as "The Atrium" in Buckhead Village. The community is now known as "The Allure in Buckhead Village."

That complex, which is located at 360 Pharr Rd NE, was developed back in 2002 by Trammell Crow Residential.

Despite having several of its Atlanta-area apartment communities listed on the market, Memphis, Tenn. based MAA plans to renovate the community with interior upgrades including new appliances, lighting fixtures and counter tops.

“We are currently selling several of our properties in the Atlanta market and we are pleased to be recycling capital into this high-end property and location,” Al Campbell, executive vice president and CFO, said. “We believe the investment will benefit from the strong leasing appeal of the area and, combined with our operating platform, will drive attractive growth in value for our shareholders.”

MAA is an apartment-only real estate investment trust that owns or has ownership interest in 49,155 apartment units throughout the Sunbelt region of the United States.