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 properties, representing 1,320 units, are located in Texas (one in Dallas and one in Fort Worth) and North Carolina (one in Asheville and one in Raleigh). The average age of these properties is 21.7 years. The properties included in this transaction are Colonial Village at Estrada in Dallas, Copper Crossing in Fort Worth, The Meadows in Asheville, and The Trestles in Raleigh.This sale substantially completes the transaction first announced in April 2005. Since the April announcement, 9,719 units at 34 properties have been sold for total proceeds of $543 million.