Colonial Properties Trust acquired five multifamily communities totaling 1,091 units in Atlanta.
The total value of the transactions was not disclosed.
Roberts Realty Investors Inc. was the seller.
One of the properties, Preston Oaks, is located just outside the perimeter in the prestigious Dunwoody sub-market. The other four properties, Bradford Creek, Plantation Trace, River Oaks and Veranda Chase, are located in the Gwinnett sub-market.
The class-A portfolio has a spacious average unit size of 1,300 square feet. The properties were developed between 1990 and 2002, with an average age of 8.5 years.
Colonial Properties Trust is a diversified REIT, which, through its subsidiaries, owns a portfolio of multifamily, office and retail properties.
What’s your opinion? Send your Letter to the Editor to firstname.lastname@example.org.