Source: Colonial Properties Trust / #Multifamily #Apartments
ORLANDO, FL - Colonial Properties Trust announced the purchase of the 280-unit Colonial Grand at Windermere (formerly Altis at Lakes of Windermere) located in Orlando, Florida for $43.0 million.
Colonial Grand at Windermere is a Class A garden-style apartment community located in the superior Orlando submarket of Windermere. The community amenities include a social clubroom with cyber cafe, media and billiard room, resort style pool, fitness center, movie theatre, outdoor wet bar, fireplace and grill area.
The apartment community was built in 2009, 96 percent occupied at the time of acquisition, and has an average monthly rent of $1,158 per unit. The acquisition was funded with proceeds from the sale of apartment communities that occurred in 2012 and borrowings under our unsecured credit facility.
Colonial Properties Trust is a multifamily focused real estate investment trust (REIT) that is engaged in the ownership, development, acquisition and management of quality real estate properties in the Sunbelt region of the United States.