UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
December 18 , 1996
Date of Report (Date of earliest event reported)
MID-AMERICA APARTMENT COMMUNITIES, INC.
(Exact Name of Registrant as Specified in Charter)
TENNESSEE 1-12762 62-1543819
(State of Incorporation) (Commission File Number) (I.R.S. Employer
Identification Number)
6584 POPLAR AVENUE, SUITE 340
MEMPHIS, TENNESSEE 38138
(Address of principal executive offices)
(901) 682-6600
Registrant's telephone number, including area code
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(Former name or address, if changed since last report)
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Item 5. Other Events
Memphis,TN December 18, 1996. Mid-America Apartment Communities, Inc.
(NYSE:MAA) Simon R. C. Wadsworth, Exec. VP-CFO announced today the
purchase of the 288-unit Tiffany Oaks apartment community in
Altamonte Springs, near Orlando, Florida for $10 million in cash.
The property was built in 1985 and is presently 97% occupied with an
average rent per unit of $556.
Mr. Wadsworth also announced that Mid-America sold the 240-unit
Summit Ridge apartment community in Charlotte, North Carolina on
December 13 for a total of $8.2 million. The Company plans to defer the
$250,000 net gain on the sale of this property through a tax-free exchange
with the Tiffany Oaks property. The Company funded the balance of the
acquisition with its unsecured line of credit.
Eric Bolton, President, said "The sale of Summit Ridge and the purchase
of Tiffany Oaks continues to build on our market strengths and to increase
our return on investment by replacing properties that no longer meet our
long term objectives. Summit Ridge was our sole property in Charlotte, and
due to market softening there we have no further plans for Charlotte.
Tiffany Oaks is a fine addition to our successful group of properties
in the North Florida market."
The Company has completed sales of three properties for $25.4 million in
the past seven months with a total gain of $2.3 million, almost all of
which has been deferred through like-kind exchanges.
Mid-America Apartment Communities is a self-managed apartment REIT which
owns 19,280 units at 73 properties throughout the southeastern U.S. and Texas.
For further information, contact Simon R. C. Wadsworth: 901-682-6600.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
MID-AMERICA APARTMENT COMMUNITIES, INC.
Date: December 18, 1996 /s/ SIMON R.C. WADSWORTH
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Simon R.C. Wadsworth
Executive Vice President
(Principal Financial and
Accounting Officer)
