CHESAPEAKE, VA-Memphis-based MAA, formerly known as Mid-America Apartment Communities Inc., has acquired Adalay Bay, an apartment community consisting of 240 units in Chesapeake, for an undisclosed price. The average size of Adalay Bay units is 1,026 square feet.
The multifamily property, completed in 2002, provides different amenities, including a picnic zone with outdoor grills, a resort-style pool, detached garages and exterior storage units. The REIT funded the deal through a public offering of its common stock. For the full story, go to Memphis Business Journal .
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