Source: CPN
Colonial Properties Trust, a multi-family-focused REIT, is continuing its plan to dispose of older assets by selling five apartment communities in two transactions for a total of $81.8 million reports CPN. The buyer or buyers were not identified.
The wholly-owned properties, which have a total of 1,250 units, are Cottonwood Crossing, Colonial Village at Bedford and Colonial Village at Bear Creek, all in Fort Worth, Texas; Colonial Village at Pear Ridge in Dallas and Colonial Grand at Shelby Farms I and II in Memphis, Tenn. The average age of the Texas properties was 23 years and the average age of the Shelby Farms properties was seven years, according to the Birmingham, Ala.-based REIT.
Source: The Birmingham News
“These transactions are consistent with our plan to reduce leverage through the sale of primarily older multifamily assets,” said Weston Andress, president and chief financial officer of Colonial Properties Trust reports The Birmingham News.
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