23 MayMAA Paid $48.9M for Haven Apartment Complex in Spotsylvania

Real estate investment trust MAA paid about $48.9 million for The Haven at Cosner’s Corner apartment complex in Spotsylvania, according to county property records.

MAA bought the 33.6-acre complex Tuesday from South Carolina-based Johnson Development Associates. The community has been renamed Station Square at Cosner’s Corner, a nod to the Virginia Railway Express station that will be built just down U.S. 17 from the complex.

The deal was done in two separate transactions. MAA paid $44.64 million for the 260 apartments that have already been developed and that are about 75 percent leased. The REIT paid $4.25 million for the undeveloped land where the second phase of the apartment community will be built.

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