(By Balaseshan) Mid America Apartment Communities Inc. (NYSE:MAA) said it has acquired an upscale, urban mid-rise apartment community, Market Station, located in Kansas City, Missouri.
The 323-unit Market Station property was developed in 2010 and is located in the River Market area, a riverfront neighborhood located immediately north of the Central Business District in downtown Kansas City.
Kansas City is the corporate headquarters for several employers, including Hallmark Cards, H&R Block and AMC Entertainment. Other major downtown employers include AT&T, Kansas City Power & Light, Bank of America, Blue Cross Blue Shield of Kansas City and Truman Medical.
The community's prime location also affords residents easy access to several entertainment venues in downtown Kansas City including the Power and Light District, The Sprint Center and Crown Center.
"We believe this market is a strong addition to our secondary market portfolio and supports our strategy to provide attractive investment returns for our shareholders through capital deployment across both large and secondary markets," said Al Campbell, Chief Financial Officer of Mid America Apartment.
Market Station provides residents with a wide array of amenities including a resort-style swimming pool with spa and grill stations, a covered outdoor kitchen with fireplace and a state-of-the-art fitness center that overlooks the Missouri River.
The apartment homes offer faux hardwood flooring, island kitchens, large walk-in closets and private patio and balconies in select units.
MAA is trading down 1.50% at $66.10 on Thursday. The stock has been trading between $55.10 and $70.22 for the past 52 weeks.