BIRMINGHAM, Ala., Sept. 3 /PRNewswire-FirstCall/ -- Colonial Properties
Trust (NYSE: CLP) has announced that the Company entered into a partnership
expanding its relationship with CMS Companies allowing the Company to expand
its presence in the Nashville market.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030709/CLPLOGO-c )
Colonial Properties Trust has acquired a 25 percent partnership interest
and the management of 618 units in two communities in Nashville, Tennessee.
Brentwood Gables Apartments, 254 units, is located in the prestigious
Brentwood submarket and is 94 percent occupied; the property will be renamed
Colonial Grand at Brentwood. The 364-unit Gables at Hendersonville Apartments
is located in the Hendersonville submarket and is 85 percent occupied; the
property will be renamed Colonial Village at Hendersonville. In addition,
Colonial Properties assumed the management of two additional CMS properties in
the Memphis and Murphreesboro markets. The Company now manages more than
6,000 apartment units through joint venture partnerships and management
agreement relationships with CMS Companies.
"Strong demographics and healthy multifamily fundamentals are key factors
in determining which cities we target," stated Tom Lowder, President and Chief
Executive Officer of Colonial Properties Trust. "Nashville is on our target
city list, and fortunately we had the luxury of entering these new markets
through a partnership, giving us immediate local market knowledge."
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 $3.4 billion. The cornerstone of Colonial Properties'
success is its live, work and shop diversified investment strategy. The
Company manages or leases 22,400 apartment units, 6.8 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
 back to top
Related links:
http://www.colonialprop.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20030709/CLPLOGO-c
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Sandra Lee Robertson, Senior Vice President -
Finance, of Colonial Properties Trust, +1-205-250-8788
|
