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.
Local sources estimate the development had a price tag in excess of $80 million. Completed in 2009, the property is situated on 4.6 acres directly across the street from the PGA's new Tournament Players Club at Craig Ranch.
The upscale property offers large apartment homes averaging 1,024 square feet. Units feature gourmet kitchens with stainless steel appliances and granite countertops, soaking tubs and hardwood floors. Residents have controlled access and structured garage parking. Community amenities include golf course views, large courtyards and a resort-style pool.
Times Square at Craig Ranch is one of several properties Mid-America has acquired recently. Earlier this year, the REIT announced it planned to acquire as much as $350 million worth of apartment communities over the next year.
In April, Mid-America acquired another foreclosed property: Broadstone Cypress Apartments, a 312-unit community in Houston. In early August, the REIT purchased The Hue, a 208-unit apartment community in downtown Raleigh, N.C., for $33.6 million. Soon thereafter, it nabbed Verandas at Sam Ridley, a 336-unit apartment community in Smyrna, TN, for $32 million.
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