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.