Mid-America buys complex near Mid-America buys complex near Orlando, sells Charlotte property Mid-America Apartment Communities Inc. announced Tuesday the purchase of the 288-unit Tiffany Oaks apartment community in Altamonte Springs, Fla., near Orlando, for $10 million in cash. The property was built in 1985 and is presently 97 percent occupied with an average rent of $556 per month. Mid-America also announced it sold the 240-unit Summit Ridge apartment community in Charlotte, N.C., on Dec. 13 for $8.2 million. The company plans to defer the $250,000 net gain on the sale of the property through a tax-free exchange with the Tiffany Oaks property. The company funded the balance with its unsecured line of credit. Eric Bolton, president of Mid-America, said, ìThe 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.î 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-linked exchanges. Mid-America Apartment Communities is a self-managed apartment real estate investment trust which owns 19,280 units at 73 properties throughout the Southeast and Texas. Its stock is traded over the New York Stock Exchange under the symbol MAA. It closed Wednesday at 27 1/8, unchanged.