BIRMINGHAM, AL - Colonial Properties Trust today announced the purchase of the 341-unit Class A apartment community Colonial Grand at Palm Vista (formerly Acapella) located in Las Vegas, Nevada, for a total purchase price of $41.2 million. The purchase was funded from borrowings on the company's unsecured credit facility and with proceeds received from shares issued under the company's "at-the-market" equity program.
Colonial Grand at Palm Vista is a two-story direct entry community with unique architectural features, spacious floor plans with vaulted ceilings, granite countertops and private direct-access garages. The community is located in North Las Vegas near the company's existing Colonial Grand at Desert Vista development and the 700,000-square-foot North Las Vegas VA Hospital that is expected to open in 2012. The apartment community was built in 2007 and was 95 percent occupied at the time of acquisition.
Colonial Properties Trust is a real estate investment trust (REIT) that creates value for its shareholders through a multifamily focused portfolio and the management and development of select commercial assets in the Sunbelt region of the United States. As of December 31, 2010, the company owned or managed 34,275 apartment units and 15.1 million square feet of commercial space. Headquartered in Birmingham, Alabama, Colonial Properties is listed on the New York Stock Exchange under the symbol CLP and is included in the S&P SmallCap 600 Index.
Source: Colonial Properties Trust