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VOL. 111 | NO. 177 | Tuesday, September 23, 1997

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Mid-America Apartment Communities Inc Mid-America Apartment Communities Inc. announced it will merge with Flournoy Development Co., a Columbus, Ga.-based developer, builder, owner and manager of apartment communities in a transaction valued at about $435 million. The merger is expected to close by Dec. 31 subject to customary closing conditions. Flournoy owns or has an interest in 9,889 apartment units at 35 properties in the Southeast, including 2,062 under construction or scheduled to start in 1997, and manages for third parties an additional 41 properties with 4,971 units. Flournoy has been in the apartment development and property management business since 1967. When the merger is complete, Mid-America will own 31,837 apartment units in the Southeast and Texas, making it the fifth largest apartment real estate investment trust. Re/Max of Kentucky/Tennessee announced its top office sales associates and new sales associates for July and August. Top sales associates for July and August, respectively, are: Dudley Bowden and Jeanette Bowden, Re/Max Alpha, Covington; Ed Larkin and Bruce Young, Re/Max Commercial and Industrial, Memphis; Nancy Chute and Don Chute, Re/Max Great Properties, Collierville; Rick Gillespie and William Whitman, Re/Max Group, Cordova; Joyce Chasteen and Thomas Marchbanks, Re/Max On Track, Germantown; and Michael Hogan and Pam Chandler, Re/Max Preferred Realtors, Bartlett. Chasteen and Marchbanks are among the companys top 10 sales associates year to date. New associates include Mary Hall at Re/Max Alpha; Donald Jordan, John Quinn, Roberta Sue Rine, Debra Lloyd and Larry Mansel at Re/Max On Track; and Debbie Barron, Mary Hancock, Curtis Roby, Lawrence Sharp and Wendi Rawson, Re/Max Preferred Realtors. The Institute of Real Estate Management and the Memphis Apartment Association will sponsor a charity golf tournament at Stonebridge golf course on Oct. 16. beginning at 1:30 p.m. The entry fee is $75 per person or $300 per team. Proceeds will benefit the IREM Foundation scholarship fund. For more information, call Eddie Chester, at 683-2220, ext. 619.
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 56 437 16,061
MORTGAGES 76 508 18,556
FORECLOSURE NOTICES 8 56 2,461
BUILDING PERMITS 241 876 33,390
BANKRUPTCIES 64 301 10,314
BUSINESS LICENSES 15 125 5,303
UTILITY CONNECTIONS 17 125 6,273
MARRIAGE LICENSES 19 98 3,511