Colonial Properties Expands Into Western States; Enters Four High-Growth Markets
biz.yahoo.com
Tuesday October 26, 7:01 am ET
BIRMINGHAM, Ala., Oct. 26 /PRNewswire-FirstCall/ -- Colonial Properties Trust (NYSE: CLP), a real estate investment trust (REIT) that owns a diversified portfolio of multifamily, office and retail properties, today announced that it entered into a partnership with DRA to acquire a total of 16 multifamily properties in Albuquerque, Phoenix, Tucson and Las Vegas. The Company acquired a 20 percent interest in the partnership and will handle the property leasing and management of more than 4,200 units. This transaction expands Colonial Properties' relationship with DRA to 16 joint venture properties, totaling 4,223 units.
(Logo: newscom.com )
Commenting on the transaction, Thomas H. Lowder, Colonial Properties' chairman and chief executive officer, said, "We are very excited to enter these dynamic southwest markets through our existing relationship with DRA. This transaction represents another example of Colonial Properties expanding our presence in high growth markets and diversifying our Net Operating Income (NOI) geographically." |
