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Mid-America Launches $250M Fund

MEMPHIS-The apartment REIT plans to buy upside properties over the next year and a half.

By Carl Cronan | Updated on June 29, 2009

MEMPHIS-Locally based Mid-America Apartment Communities Inc. has launched a new fund with plans to buy up to $250 million worth of apartment communities over the next year and a half. The new fund, dubbed Mid-America Multifamily Fund II LLC, will be a joint venture with an affiliate of Dallas-based Thackeray Partners.

According to a statement by the apartment-only REIT, the new fund will have an investment life of six to eight years and focus on properties with redevelopment upside. Approximately $25 million will be put in equity as investments are made.

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