VOL. 113 | NO. 78 | Tuesday, April 20, 1999
Mid-America Apartment Communities
ResortQuest International Inc., a vacation rental, resort property management and real estate sales company, announced that the introduction in January of an online booking engine to its Web site,
resortquest.com, is generating significant returns in its first quarter of operation. Company officials estimate that between January and March consumers booked $2 million in reservations through resortquest.com. ResortQuest's current portfolio comprises nearly 15,000 vacation rental properties in 30 destinations in North America. The company launched its Web site in October 1998 and soon began receiving more than 500,000 hits a month. Average hits per month now total more than 8 million. David Sullivan, ResortQuest International chairman and chief executive officer, estimates the Web site could account for more than a third of the company's revenues over the next few years.
Mid-America Apartment Communities Inc. announced the sale of Hidden Oaks Apartments in Albany, Ga., for $6.1 million. MAC will provide a $500,000 seller loan repayable in five years at a 7.5 percent interest rate. The 20-year-old property was acquired in 1997 as part of MACs merger with Flournoy Development. Eric Bolton, MAC president and chief operating officer, said, Albany is a market that does not fit the companys long term goals. MAC has one other small property, the 100-unit Regency Club, in Albany that it has under contract to sell at the end of 1999.
The Tennessee Housing Development Agency committed $36.7 million in mortgages in March, a 25-year record for THDA. The funds helped 506 families become homeowners, according to THDA executive director Jeff Reynolds.
The Memphis Housing Resource Center will hold a home buying seminar from 10 a.m. to 4 p.m. Saturday at the Thomas B. Davis branch YMCA, 4727 Elvis Presley Blvd. To register, call Michelle Wilson at 529-1151.
Auctioneer John Roebuck has been commissioned to sell two historic mansions in Mississippi. He will auction the Cutrer Mansion in Clarksdale on May 1 and the Belmont Plantation in Wayside on May 15. For more information, call 761-0428.