Colonial Properties gains apartments

Colonial Properties Trust acquired Villas on South Creek, a 232-unit multifamily property in Austin, Texas.

The value of the transaction was not disclosed.

The class-A property is located at 1111 South Creek Drive in the Round Rock sub-market.

Following Colonial Properties branding program, the property will be renamed Colonial Village at Sierra Vista. The property has one- to three-bedroom apartments ranging from 750 to 1,200 square feet.

Colonial Properties Trust is a diversified REIT that owns a portfolio of multifamily, office and retail properties.

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