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by CareyBot

Colonial Properties Trust today announced the sale of four multifamily properties previously owned by Cornerstone Realty Income Trust for a sales price of $63.8 million. As a result of the sale, the company reduced secured debt on one of these properties by $9.8 million; the remaining proceeds were used to reduce the company's unsecured line of credit. "With this sale, we continue to reshape our portfolio," said Paul Earle, executive vice president of the company's multifamily division. "This fits in with our ongoing strategy to reduce the average age of our assets, improve the quality of the overall portfolio and concentrate our investments in top quartile, high- growth Sunbelt markets." Colonial Properties acquired the assets on April 1, 2005 when it merged with Cornerstone. The four pro...