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VOL. 115 | NO. 164 | Tuesday, October 2, 2001

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MAA puts leadership changes

MAA puts leadership changes

into action with new president

Mid-America Apartment Communities Inc. exercised a peaceful transfer of power as H. Eric Bolton Jr. was named its new president and chief executive officer.

Under the formal succession plan previously announced, Bolton, 44, became president and CEO. He succeeds George E. Cates, 64. Cates will remain MAA chairman.

``As we have disclosed over the course of the past three years, this succession and transition has been long planned and has now been implemented successfully, Cates said. The board and I, with full trust in Eric's proven leadership, are confident he will lead Mid-America to great performance in all areas.''

Bolton said the experienced management team in place would keep MAA on the growth track.

We have built a solid team of professionals and organizational capabilities, which put us in a strong position to build upon our 25-year history to generate future success and share value. I'm excited about our opportunities and look forward to building upon our solid foundation, Bolton said.

MAA is a self-administered, self-managed apartment-only real estate investment trust, which owns or has ownership interest in 33,459 apartment units throughout the Southeast, South and in Texas, including 189 units in the development pipeline.

 

Nonconnah Suites LLC, a Delaware limited liability company, financed $8.5 million through First Tennessee Bank, securing the loan with 4.4 acres at County Gate and Winchester roads, according to a trust deed filed in the Shelby County Register's Office Friday.

 

Bacon Chang II, a Tennessee limited liability company, purchased lots 32 through 38 in Section A of the Hickory Hill Industrial Park, about 11 acres, for $3.9 million, from Hickory Hill 106 Investment Venture, a Texas general partnership, according to a special warranty deed filed in the Shelby County Register's Office Sept. 24.

 

Poplar Towers LLC, a Tennessee limited liability company, purchased part of lot 30 of Bennetts Ridgeway Farms subdivision and part of lots 1 through 4 of Hunter Lanes Home View subdivision on Poplar Avenue west of Massey Road, for $6.9 million, from GLB Tennessee LLC, a Delaware limited liability company, according to a special warranty deed filed in the Shelby County Register's Office Wednesday.

  Robert Efren Cota LTD., a California limited partnership, purchased lot 3, plat of Rivervillage subdivision Section C, also known as 7790 Wolf River Blvd., from Reliance Development Co. LLP, a Minnesota limited liability partnership, for $4.4 million, according to a special warranty deed filed in the Shelby County Register's Office Sept. 24.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 36 154 6,546
MORTGAGES 34 94 4,129
FORECLOSURE NOTICES 4 17 711
BUILDING PERMITS 201 554 15,915
BANKRUPTCIES 43 126 3,396
BUSINESS LICENSES 55 80 1,382
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0