ITEM 1.01 Entry into a Material Definitive Agreement

On June 23, 2009, the registrant, through its main operating subsidiary, Mid-America Apartments, L.P. ("Mid-America"), entered into an agreement with TPRF II/Memphis Investor L.L.C., an affiliate of Thackeray Partners to establish a joint venture, Mid-America Multifamily Fund II, LLC ("Fund II") of which Mid-America will be a 1/3rd owner and TPRF II/Memphis Investor L.L.C., will be a 2/3rd owner. The agreement allows for Fund II to acquire up to $250 million of multifamily apartment communities over an eighteen-month period, with an expected total equity contribution by Mid-America of approximately $25 million. Mid-America anticipates that Fund II will be its exclusive investment vehicle for acquisitions 7 years of age or older during the investment period. Mid-America will receive a management fee of 4¼% of revenues, an asset management fee of ½% on equity invested, a ½% acquisition fee of the purchase price of each acquisition, and a promote fee for investment returns above 15%. Mid-America anticipates an investment life for Fund II of 6-8 years.

The foregoing description of the joint venture agreement does not purport to be complete and is qualified in its entirety by the terms of the Limited Liability Company Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report.

ITEM 8.01 Other Events

On June 29, 2009, the registrant issued a press release announcing it had established a joint venture. A copy of the release is furnished as Exhibit 99.1 to this Current Report.

ITEM 9.01 Financial Statements and Exhibits

(c) Exhibits Exhibit Number Description 10.1 Limited Liability Company Agreement of Mid-America Multifamily Fund II, LLC 99.1 Press Release dated June 29, 2009