BIRMINGHAM, Ala., April 9 /PRNewswire-FirstCall/ -- In a move that expands
its holdings into the Raleigh/Durham market, Colonial Properties Trust
(NYSE: CLP), announced today that it has acquired Colonial Grand at Arringdon,
a 320-unit multifamily apartment property. The property is located at 5710
Arringdon Park Drive, adjacent to the Research Triangle Park.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030709/CLPLOGO-c )
ContraVest, Inc. began development of the asset in the fourth quarter of
2001. First units were accepted in the third quarter of 2002 and development
completed in the second quarter of 2003. Colonial Properties funded the
acquisition of Colonial Grand at Arringdon through the Company's line of
credit.
"This acquisition is reflective of our strategy to expand our presence in
high growth Sunbelt markets," commented Colonial Properties Trust Chairman and
CEO Thomas H. Lowder. "Colonial Properties has been monitoring the
Raleigh/Durham market for several years. We are seeing positive indicators in
both multifamily permitting and job growth in the market. The Research
Triangle Park has been a tremendous growth vehicle for the Raleigh/Durham
market for a number of years and is experiencing net job gains driving growth
in the market."
"Colonial Properties has developed a strong understanding of the
Raleigh/Durham market through our role as third party management of the
Colonial Grand at Arringdon since its inception," stated Paul F. Earle,
Executive Vice President of the Multifamily Division. "We are excited about
the opportunities that the Raleigh/Durham market provides, and at 90% physical
occupancy and strong pre-leasing efforts, we see great opportunity for this
asset in this market."
Colonial Properties served as development consultant and leasing and
management agent for ContraVest in connection with this property. For its
involvement and a loan guarantee agreement, Colonial Properties had a first
right of refusal to purchase the property.
Colonial Properties Trust is a diversified REIT that, through its
subsidiaries, owns a portfolio of multifamily, office and retail properties
where you live, work and shop in Alabama, Florida, Georgia, Mississippi, North
Carolina, South Carolina, Tennessee, Texas and Virginia. Colonial Properties
Trust performs development, acquisition, management, leasing and brokerage
services for its portfolio and properties owned by third parties. Colonial
Properties Trust is a diversified REIT, which has a total market
capitalization of $3.0 billion. The cornerstone of Colonial Properties'
success is its live, work and shop diversified investment strategy. The
Company manages or leases 19,500 apartment units, 6.5 million square feet of
office space and 15.6 million square feet of retail shopping space. The
Company, headquartered in Birmingham, Ala., is listed on the New York Stock
Exchange under the symbol "CLP" and is included in the S&P SmallCap 600 Index.
SOURCE Colonial Properties Trust
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AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com /Web site:
http://www.colonialprop.com
CONTACT:
Sandra Lee Robertson, Senior Vice President -
Finance of Colonial Properties Trust, +1-205-250-8788
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