MCKINNEY, TX-Mid-America Apartment Communities Inc. has acquired Times Square at Craig Ranch out of foreclosure.
The Memphis, TN-based REIT paid $31.25 million for the mixed-use property, which consists of 313 apartment units and 88,000 square feet of ground-floor retail. The acquisition was funded through the REIT’s existing credit line and at-the-market common stock issuance program.
Bank of America foreclosed on the property in late 2009. The five-story project, located in the 2,500-acre Craig Ranch master-planned community, was developed by Evergreen Realty Partners and DXE Commercial Development.
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