In suburban Heathrow, FL, 20 miles north of Downtown Orlando, Lakeview at Heathrow LLC, an Orlando developer, purchased 29 acres for a planned residential development. In addition, GMAC Model Homes Financing Inc. bought 28 acres in nearby Sanford, FL for a townhome community.
Colonial didn't break out the individual transaction prices; however, based on the aggregate amount, the Birmingham, AL-based developer received an average $229 per acre, or about $5.26 per sf, for each parcel.
The REIT also sold eight acres of outparcels in two separate transactions in Birmingham and Mobile, AL. Colonial manages or leases 19,5000 apartment units, 6.5 million sf of office space and 15.6 million sf of retail shopping center space. The company says its total market capitalization is $2.8 billion.
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