BIRMINGHAM, Ala., July 8 /PRNewswire-FirstCall/ -- Colonial Properties
Trust (NYSE: CLP) announced today that it has entered into two separate
partnerships to own an interest in and manage three multifamily properties.
The Company acquired a 20% interest and the management of The Cunningham
Apartments, expanding out relationship with DRA to four joint venture
properties totaling over 1,350 units. The 280 unit property is located in
Austin, Texas and has a current occupancy of 91%. In addition, the Company
entered into a partnership expanding its relationship with CMS Companies.
Colonial Properties acquired a 25% partnership interest and the management of
Colonial Grand at Bayshore and Colonial Grand at Palma Sola, totaling 716
multifamily units. The Company has maintained a relationship with CMS
Companies through several joint ventures, totaling more than 5,500 apartment
units, and additional management agreement arrangements.
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"These partnership ventures allow the Company to expand our relationships
with multifamily property owners and increase management fee income," stated
Paul F. Earle, executive vice president of the multifamily division.
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 $3.2 billion. The cornerstone of Colonial Properties'
success is its live, work and shop diversified investment strategy. The
Company manages or leases 22,690 apartment units, 6.7 million square feet of
office space and 15.7 million square feet of retail shopping space.
Additional information on Colonial Properties Trust is available on the
Internet at http://www.colonialprop.com . 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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Related links:
http://www.colonialprop.com
Photo Notes:
NewsCom:
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PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Sandra Lee Robertson, Senior Vice President -
Finance, of Colonial Properties Trust, +1-205-250-8788
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