Source: Colonial Properties Trust / #Apartments #Multifamily
BIRMINGHAM, AL - Colonial Properties Trust announced the purchase of the 252-unit Colonial Reserve at Frisco Bridges (formerly Ablon at Frisco Bridges) located in Dallas, Texas, for $36.2 million.
Colonial Reserve at Frisco Bridges is a newly developed Class A mid-rise apartment community located in the Frisco submarket. The property is ideally located featuring direct access to over 17 million square feet of office space within a five mail radius, including the headquarters of Hewlett Packard (EDS), Dr. Pepper, Frito-Lay, Inc., Ericsson, BofA Home Loans and JC Penney. Nearby amenities include over 4 million square feet of retail within 2 miles of the property and Dr. Pepper Ballpark (home of the Texas Rangers’ AA Affiliate) just a 0.5 mile walk from the property.
The community amenities include a resort style pool, state-of-the-art fitness center, structured parking with controlled access, and gourmet kitchens with stainless steel appliances and granite countertops. The apartment community was completed earlier this year and is currently in lease-up with 30 percent of the units leased at the time of acquisition. The acquisition was funded with proceeds from the sale of apartment communities and borrowings under the company’s unsecured credit facility.
Colonial Properties Trust is a real estate investment trust (REIT) that creates value for its shareholders through the acquisition, management, and development of a multifamily portfolio in the Sunbelt region of the United States. As of March 31, 2013, the company owned, had partial ownership in or managed 35,181 apartment units.