BIRMINGHAM, Ala., Sept. 20 /PRNewswire-FirstCall/ -- Colonial Properties
Trust (NYSE: CLP) announced today that it has acquired Villas on South Creek,
a 232-unit multifamily property in Austin, Texas. Extending the Company's
presence in the high-growth Austin market, the class-A property is located at
1111 South Creek Drive in the Round Rock sub-market.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030709/CLPLOGO-c )
"Continuing our focus on multifamily and retail shopping center
acquisitions, we are adding another high-quality multifamily asset to our
portfolio," stated Thomas H. Lowder, chairman and chief executive officer of
Colonial Properties Trust. "Villas on South Creek is located near our
Colonial Village at Quarry Oaks and our development, Colonial Grand at
Silverado. We have enjoyed success in the Austin market, and we look forward
to continuing the development of our portfolio in the 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 with an average
monthly rent of $705 a unit.
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
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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
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