Mid-America buys apartments

Georgia property includes private lake

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Mid-America Apartment Communities acquired the Prescott apartment community located in the Atlanta Metro sub-market of South Gwinnett County, Ga. The value of the transaction was $28.5 million. The 384-unit property was built in 2001 and consists of one-, two-, and three-bedroom, upscale apartment homes with 9-foot ceilings, crown molding, and available wood burning fireplaces. The community features a private lake with cascading fountains, resort pool, a health and fitness center, and attached garages. The seller's identity was not disclosed. MAA is a self-administered, self-managed apartment-only real estate investment trust. *** What's your opinion? Send your Letter to the Editor to newsroom@inman.com....