RALEIGH, NC-A real estate investment trust has bought a Class A apartment community in North Carolina. Birmingham-based Colonial Properties Trust has paid $45 million for Highlands at Brier Creek, a 350-unit apartment complex in Raleigh.
The community, renamed as Colonial Grand at Brier Creek Place, was 94% occupied at the time of closing. It was constructed in 2008. The acquisition was funded with proceeds from the sale of other assets and utilizing on the company's unsecured credit facility. For the full story, go to Birmingham Business Journal .
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