Mid-America grows in Savannah

Mid-America Apartment Communities Inc. completed the acquisition of The Oaks at Wilmington Island, a 306-unit apartment community in Savannah, Ga.

The value of the transaction was approximately $29.3 million.

The property, developed in 1999, is located in the prestigious Wilmington Island residential submarket, with a mixture of historic neighborhoods and luxury resort-style developments. Property amenities include a swimming pool, business center and fitness facility. The apartment homes feature floor plans averaging 1,090 square feet.

The company plans to invest almost $1 million in upgrades in the first year.

Mid-America is a self-managed apartment-only real estate investment trust that currently owns or has ownership interest in 40,293 apartment units throughout the Sunbelt Region of the United States.

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