The company purchased the 19-story building for $44 million and invested $2.1 million to upgrade the property and increase occupancy to 90%. A Colonial spokesperson declined to disclose further details regarding the sale.

"We were able to create and recognize tremendous value during our ownership. We upgraded the building with minimal capital cost, increased occupancy, received an attractive sale price and reinvested the proceeds profitably into our expanding multifamily portfolio," says Colonial Properties Trust office division executive vice president Bo Jackson, in a released statement.

The company used the proceeds from the sale to acquire Colonial Grand at Shiloh, a 498-unit apartment complex in Kennesaw, GA. Built in 2002 the complex, which was formerly called Somerset at Shiloh, is 92% occupied. The complex contains units with one bedroom and one bathroom that range in size from 636 sf to 879 sf and rent for $638 to $883; units with two bedrooms and two bathrooms that are 1,245 sf and rent for $900 to $1,040 and units with three bedrooms and three bathrooms that range in size from 1,515 sf to 1,550 sf and rent for $950 to $1,283. With the acquisition, this is the third apartment complex Colonial owns in Kennesaw. The company also owns Colonial Grand at Enclave and Colonial Village at Poplar Place.

"We continue to acquire class A apartment communities in top-tier Sunbelt markets as part of our long-term strategy," says Paul Earle, executive vice president in the company's multifamily division, in a released statement. "We expect to add value immediately at Colonial Grand at Shiloh by focusing on increasing its occupancy."