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,...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.