Mid-America paid Fairfield Residential LLC of San Diego $28.5 million, or about $74,219 per unit, for the 91%-leased property. Average asking base rents are $775 to $1,450 per month. The Prescott is located in affluent south Gwinnett County, a mile southeast of Interstate 85 and about the same distance from the 1.2-million-sf Gwinnett Place mall and also near the 1.9-million-sf Mall of Georgia, the largest regional shopping center in the state.
The Tennessee-based REIT was founded in 1977 as the Cates Co. Mid-America officials say the company's growth began after issuing an initial public offering in 1994. The company has acquired and redeveloped $1.2 billion of multifamily real estate to date. Mid-America has also developed 4,500 new apartment units aggregately valued at over $350 million since its IPO 10 years ago.
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