REIT buys upscale apartments in Texas

Mid-America Apartment Communities Inc. purchased Silverado, an upscale apartment community in Cedar Park, Texas.

The value of the transaction was not disclosed.

The community, located in the Cedar Park suburb north of Austin, was developed in 2003 and includes 312 apartment homes. Amenities include a swimming and lap pool, an extensive fitness center, putting green and limited-access gates.

Mid-America is a self-administered, self-managed, apartment-only real estate investment trust, which currently owns or has ownership interest in 38,789 apartment units throughout the Southeast and South Central United States.

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