Mid-America Apartment Communities has sold a portfolio of five properties with a combined 1,368 units in Little Rock, Ark., for $149.1 million, reported in its fourth-quarter 2019 results.
The residential REIT has exited the Little Rock market.
Separately, the REIT has acquired The Greene, a new 271-unit multifamily apartment community in Greenville, S.C. And during the fourth quarter the company completed the renovation of 1,733 units under its redevelopment program. With this, the company renovated 8,329 units during the year ended Dec. 31, 2019.
At the end of the fourth quarter, MAA had seven development community projects under construction, with total projected costs of $489.5 million. Notably, an estimated $345.6 million remained to be funded as of Dec. 31, 2019.
In a statement, MAA said: “Robust demand for apartment housing enabled the company to witness decent growth in its same-store portfolio. This also supported low resident turnover as ind
