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In Q1, MAA started construction on a 302-unit development in Charlotte, North Carolina, and it expects to break dirt in Q2 on a 345-unit project in the Phoenix metro area. “Both projects are expected to deliver first units by mid-2026 and deliver stabilized NOI yields in the mid-6% range, consistent with what we are achieving on our current developments that are leasing,” Hill said. MAA funded approximately $44 million of development in Q1. Its current pipeline has 2,617 units at a total cost of roughly $866 million.