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MEMPHIS-Locally based Mid-America Apartment Communities Inc. has launched a new fund with plans to buy up to $250 million worth of apartment communities over the next year and a half. The new fund, dubbed Mid-America Multifamily Fund II LLC, will be a joint venture with an affiliate of Dallas-based Thackeray Partners.

According to a statement by the apartment-only REIT, the new fund will have an investment life of six to eight years and focus on properties with redevelopment upside. Approximately $25 million will be put in equity as investments are made.

“We’ve had excellent success with past investment funds, and we’re excited about the opportunity to leverage Mid-America’s experienced and strong redevelopment and operating skills,” says company CEO Eric Bolton. “We think this new initiative provides an excellent opportunity to create value for Mid-America’s shareholders.”

Mid-America, which will earn management and related fees, will target properties within its current markets that are at least seven years old for Fund II and will continue to acquire newer complexes for its own portfolio. There are no plans to put existing properties into the new fund.

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