Source: Colonial Properties / #Multifamily #Apartments
BIRMINGHAM, AL - Colonial Properties Trust announced the acquisition of the 350-unit Class A apartment community Colonial Grand at Brier Creek Place (formerly Highlands at Brier Creek) located in Raleigh, North Carolina for a total purchase price of $45.0 million. The purchase was funded with proceeds from asset dispositions and borrowings on the company’s unsecured credit facility.
Colonial Grand at Brier Creek Place is located in Raleigh’s premier Brier Creek master planned community and features spacious floor plans, upgraded kitchen appliances, designer cabinetry and countertops, a cabana with grilling area and a cascading waterfall surrounding the pool. The community was built in 2008 and was 94 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 September 30, 2011, the company owned or managed 34,369 apartment units and 13.3 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.