Colonial Properties Trust Acquires Las Vegas Apartment Community for $41.2M

Colonial Properties Trust CLP today announced the purchase of the 341-unit Class A apartment community Colonial Grand at Palm Vista located in Las Vegas, Nevada, for a total purchase price of $41.2 million. The purchase was funded from borrowings on the company's unsecured credit facility and with proceeds received from shares issued under the company's “at-the-market” equity program.