Mid-America Apartment Communities Inc., Memphis, has signed a letter of intent with Blackstone Real Estate Advisors to buy Blackstone's two-thirds ownership stake in their joint venture.Mid-America said it will pay $117 million for all the fixed assets, to be partially funded by the assumption of $79.8 million of debt. Approximately $22 million will be paid to Blackstone for its two-thirds equity share, Mid-America said. The joint venture, which is managed by Mid-America, was formed in 1999 with 10 properties containing 2,793 apartments, the company said. Mid-America can be found online at http://www.maac.net.
Processing Content
