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
June 5, 1997
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
(Former name or address, if changed since last report)
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Item 5. Other event.
The Company released the following press release on May 30, 1997:
Memphis, TN: May 30, 1997. Mid-America Apartment Communities,
Inc. (NYSE:MAA) announced today the purchase of the 336-unit Oaks
at Deerwood apartment community in Jacksonville, Florida for a
total of $15.2 million. The property is encumbered by a $14.7
million tax-free bond which the Company purchased at closing and
which it plans to remarket during the next year. MAA used its $90
million unsecured line of credit to finance the transactions.
Built in 1987, Oaks at Deerwood is located on Baymeadows Rd in
the southwestern part of the city and is presently 93% occupied
with an average monthly rent of $604. This acquisition brings
MAA's presence in Jacksonville to 2,118 apartments.
Mid-America Apartment Communities is a self-managed apartment
REIT which owns 21,458 units at 80 properties throughout the
southeastern U.S. and Texas.
For further information, contact Simon R.C. Wadsworth: 901-682-6600.
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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: June 5, 1997 /s/ Simon R.C. Wadsworth
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Simon R.C. Wadsworth
Executive Vice President
(Principal Financial and Accounting Officer)
