EXHIBIT


MEMPHIS,  TN,  August  4th,  2003  -  Mid-America  Apartment  Communities,  Inc.
(NYSE:MAA) announced today that it has signed a letter of intent with Blackstone
Real Estate Advisors to buy Blackstone's  two-thirds ownership interest in their
joint  venture.  The joint  venture,  which is managed  and  one-third  owned by
Mid-America,  was formed in 1999 with 10 properties  totaling 2,793  apartments.
Mid-America  will  pay a total  of $117  million  for all of the  fixed  assets,
partially  funded by the  assumption  of $79.8  million  of debt.  Total  equity
involved  approximates $33 million,  of which  approximately $22 million will be
paid to Blackstone,  the balance representing  Mid-America's equity in the joint
venture.  The company anticipates that, assuming the satisfactory  conclusion of
negotiations, it will close on the purchase within the next 60 days.

Mid-America Apartment Communities is a NYSE traded multifamily REIT specializing
in  the  acquisition,  redevelopment  and  management  of  apartment  properties
throughout the southeast and south central US with 34,815 units under  ownership
and management. For further details, please refer to our website at www.maac.net
or contact Simon R. C.  Wadsworth at  901/682-6668,  ext. 105. 6584 Poplar Ave.,
Suite 300, Memphis, TN 38138.


The  Blackstone  Group, a private  investment  bank with offices in New York and
London,  was founded in 1985.  Blackstone's  Real  Estate  Group has raised four
funds representing  approximately $4 billion in total equity. The group has made
over 100 separate investments in hotels, offices and other commercial properties
with a total transaction value of about $13 billion. In addition to real estate,
The  Blackstone  Group's  core  businesses  include  Private  Equity  Investing,
Corporate Debt Investing,  Marketable Alternative Asset Management,  Mergers and
Acquisitions Advisory, and Restructuring and Reorganization Advisory.


Certain matters in this press release may constitute  forward-looking statements
within the meaning of Section 27-A of the Securities Act of 1933 and Section 21E
of the Securities and Exchange Act of 1934. Such statements include, but are not
limited to, statements made about  anticipated  market  conditions,  anticipated
acquisitions,   redevelopment  opportunities,  and  property  financing.  Actual
results and the timing of certain  events  could  differ  materially  from those
projected in or contemplated by the  forward-looking  statements due to a number
of factors,  including a downturn in general economic  conditions or the capital
markets,  competitive  factors  including  overbuilding  or other  supply/demand
imbalances  in some or all of our markets,  changes in interest  rates and other
items that are difficult to control, as well as the other general risks inherent
in the  apartment  and real estate  businesses.  Reference is hereby made to the
filings of  Mid-America  Apartment  Communities,  Inc.,  with the Securities and
Exchange  Commission,  including quarterly reports on Form 10-Q, reports on Form
8-K, and its annual report on Form 10-K, particularly including the risk factors
contained in the latter filing.