LAS VEGAS-Colonial Properties Trust has purchased an apartment community in Las Vegas for over $41 million. The Class A complex comprising 341 units is located close to Colonial Grand at Desert Vista, an apartment community owned by Colonial Properties. The complex is now renamed as Colonial Grand at Palm Vista.
The REIT based in Birmingham raised the fund for acquisition through the profits from an at-the-market offering and by securing loan on its unsecured credit facility.For the full story, go to Birmingham Business Journal.
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