Mid America Apartment Communities (MAA) is acquiring rival real estate investment trust Colonial Properties Trust in a $2.17 billion deal that led off a trio of large real estate transactions announced Monday.

Memphis-based MAA will offer 0.36 of its own common shares for each Colonial share—a price equal to $24.47 per Colonial share, based on MAA’s Friday closing price, according to Reuters. That offer would represent an 11 percent premium over Colonial’s Friday closing price. The deal is expected to close in the third quarter, pending approval from shareholders of both companies.

Birmingham, Alabama–based Colonial has a real estate portfolio that includes more than 35,000 apartment units, concentrated mostly in the Sunbelt region of the United States. The companies said in their announcement of the transaction that the newly formed company would have a total market capitalization of $8.6 billion, with a combined 85,000 multifamily residential units in 285 properties spread across the country.

MAA is being advised on the acquisition by attorneys at Goodwin Procter and Baker, Donelson, Bearman, Caldwell & Berkowitz. Goodwin partner Gilbert Menna—who cochairs the firm’s real estate, REIT, and real estate capital markets group—is leading the team from that firm. REIT partners Yoel Kranz, Mark Opper, and Craig Todaro are also advising, along with tax partner H. Neal Sandford.

Baker Donelson’s Memphis-based team advising MAA includes corporate shareholders Robert DelPriore and Richard Mattern, as well as tax partner William Fones Jr. Latham & Watkins M&A partner Charles Ruck and REIT industry group cochair Julian Kleindorfer, along with associate Michael Young, are representing J.P. Morgan in its role as financial adviser to MAA in connection with the deal.

Meanwhile, Colonial has turned to attorneys at Hogan Lovells and Burr & Forman for legal counsel on its sale to MAA. Hogan Lovells is fielding a Washington, D.C.–based team that includes corporate partners Paul Manca, Warren Gorrell, and Joseph Gilligan, as well as tax partner Cristina Arumi.

In 2005, Manca advised Colonial on its $1.8 billion purchase of CRT Properties as part of a joint venture with DRA Advisors.

Burr & Forman is led by Birmingham-based counsel W. Michael Atchison and Edward Hardin Jr., who both serve as outside co–general counsel for Colonial. Private equity partner Jack Stephenson and antitrust partner April Mason are also advising, along with associate Lauren Foshee.

MAA’s purchase wasn’t the only real estate transaction to hit the wires Monday. Another REIT, New York–based American Realty Capital Trust IV announced its purchase of a $1.45 billion portfolio of retail properties with tenants that include a collection of restaurant chains such as Applebee’s, Burger King, and Taco Bell. American Realty is buying the portfolio from GE Capital.

Also on Monday, private equity firm The Carlyle Group said it has agreed to sell the 27-story office and retail tower located at 650 Madison Avenue in Manhattan to real estate investors Crown Acquisitions and Highgate for $1.3 billion.

American Realty is being advised by a Proskauer Rose team led by New York–based partners Steven Lichtenfeld and Perry Cacace. Lichtenfeld is cohead of the firm’s real estate finance and real estate capital markets groups. Last week, Proskauer advised the trust’s parent company, American Realty Capital Properties, on its $2.2 billion purchase of fellow REIT CapLease.

Hogan Lovells is advising GE Capital on the transaction with a team led by corporate partners Waajid Siddiqui and Bruce Gilchrist, as well as associate Paul Donnelly.

American Realty is acquiring a portfolio that contains 986 net lease properties, spread across 47 states. The deal is expected to close within 30 days.
The Washington Post reports that American Realty also acquired a separate portfolio of 471 net lease properties from GE Capital worth $807 million last week.