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
April 25, 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 events.
Following notification of the New York Stock Exchange, the
following press releases were released to the press on April 10
and 15, 1997.
Memphis, TN: April 10, 1997. Mid-America Apartment Communities,
Inc. (NYSE:MAA) announced today the purchase of the 450-unit
Woodhollow apartment community in Jacksonville, Florida for $6.5
million in cash and assumed debt of $10.3 million. Located on
Atlantic Boulevard at Hodges Boulevard, the property was built in
1986, and is presently 95 % occupied with an average monthly
rent of $589. Woodhollow will be managed out of MAA's
Jacksonville regional office, and brings its Jacksonville area
presence to 1,782 apartments.
The assumed mortgage has a fixed rate of 7.5%, amortizes over 25
years and matures in 2002.
Mid-America Apartment Communities is a self-managed apartment
REIT which owns 20,844 units at 76 properties throughout the
southeastern U.S. and Texas.
For further information, contact Simon R. C. Wadsworth: 901-682-6600.
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Memphis, TN: April 15, 1997. Mid-America Apartment Communities,
Inc. (NYSE:MAA) announced today the purchase of the 278-unit The
Woods Apartments in Austin, Texas for $10 million in cash, and
plans to invest an additional $800,000 on improvements to the
property. The Woods was built in 1977, and is presently 89%
occupied with an average monthly rent of $685. This acquisition
brings MAA's presence in Austin to 1,254 apartments.
MAA will use its $90 million unsecured line of credit to finance
the acquisition and improvements.
Mid-America Apartment Communities is a self-managed apartment
REIT which owns 21,122 units at 79 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: April 25, 1997 /s/ Simon R.C. Wadsworth
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Simon R.C. Wadsworth
Executive Vice President
(Principal Financial and Accounting Officer)
