SAVANNAH, GA-Memphis-based REIT Mid-America Apartment Communities Inc. has acquired the 306-unit Oaks at Wilmington Island, a class A apartment building, for $29.95 million.

Built in 1999, the property is located at 909 Penn Waller Rd. in the Wilmington Island submarket of the city. It contains units with one bedroom and one bathroom that range in size from 812 sf to 872 sf and rent for $760 to $785, units with two bedrooms and one or two bathrooms that range in size from 1,158 sf to 1,289 sf and rent for $875 to $985 and units with three bedrooms and two bathrooms that are 1,391 sf in size and rent for $1,125.

Apartment units feature 9-foot ceilings, private patios/balconies, intrusion alarms, crown molding and walk-in closets. Property amenities include a swimming pool, business center, fitness center and attached and detached garages. The company plans to invest almost $1 million in upgrades in the first year.

"This is a wonderful opportunity for us to reposition this property with some well-focused capital," says Mid-America senior vice president and director of operations Tom Grimes. "The Savannah market has been one of our best coastal markets and we're excited about this addition."

Mid-Atlantic owns 39,179 apartment homes in 135 communities throughout the southeast and south central. In Savannah, the company also owns Georgetown Grove at 1800 Grove Point Rd.