Colonial Properties Trust Acquires Two Texas Apartment Communities for $51.8M

Colonial Properties Trust CLP today announced the purchase of two Class A apartment communities in separate transactions for a total of $51.8 million. The 336-unit Colonial Grand at Wells Branch (formerly Verde Oak Park) located in Austin, Texas, was acquired for $28.4 million, and the 236-unit Colonial Grand at Cornelius (formerly Carrington Park) located in Charlotte, North Carolina, was acquired for $23.4 million. The purchases were funded from borrowings on the company's unsecured credit facility and with proceeds received from shares issued under the company's “at-the-market” continuous equity program.