Tennessee REIT buys 232-unit apartment project in Fredericksburg
- December 12, 2011
MAA, an apartment-only real estate investment trust based in Memphis, Tenn., has completed the acquisition of The River’s Walk at Celebrate Virginia, a 232-unit apartment community in Fredericksburg. Formerly known as The Haven, River’s Walk was developed this year as the first garden-style Virginia apartment community to receive the National Association of Home Builders Green Designation. The property sits in the 2,400-acre, mixed-use Celebrate Virginia development located just off I-95.
The community is about an hour away from major employment centers in Washington, D.C., and Richmond. River’s Walk also is close to Virginia Railway Express, a commuter rail service connecting Fredericksburg to Washington, D.C. Amenities include a saline pool, outdoor fireplace, cabana and movie theatre.
Al Campbell, MAA’s CFO said in a statement, “We are excited to be expanding our operations in the Northern Virginia area. “MAA also purchased The Palisades at Chenal Valley, a 248-unit apartment community in Little Rock, Ark. According to the REIT, the acquisitions totaled about $67.5 million and were funded by borrowings under the company’s current credit facilities and common stock issuances.