Source: Colonial Properties / #Multifamily #Apartments
BIRMINGHAM, AL - Colonial Properties Trust announced the acquisition of the 256-unit Class A apartment community Colonial Grand at Fairview (formerly Waterstone) located in Dallas, Texas for a total purchase price of $29.8 million.
The purchase was funded with proceeds from asset dispositions and borrowings on the company’s unsecured credit facility.
Colonial Grand at Fairview is a new multifamily development that was recently completed and is currently in lease up. The community offers residents a resort style swimming pool with sundeck, fitness center, outdoor grilling stations, designer kitchens with granite countertops and crown molding.
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 March 31, 2012, the company owned or managed 35,517 apartment units and 9.7 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.