Colonial Scoops Up Texas Apartments For $34M

Law360, New York (November 14, 2011, 6:17 PM EST) -- Real estate investment trust Colonial Properties Trust has acquired an apartment development outside Dallas for $34.1 million in part from money gained by selling an office building in Orlando, the trust announced Monday.

Colonial bought the 312 apartment units with $23.9 million earned from the sale of the office building and borrowings from its unsecured credit facility, the trust said in a statement. The apartment development, which is 66 percent leased, was completed earlier this year, Colonial said.

Colonial made the purchase as it builds up its multifamily holdings,...
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