DALLAS-Birmingham-based Colonial Properties Trust has paid $29.8 million for an apartment community in Dallas. The apartment complex, now called Colonial Grand at Fairview, contains 256 units.
The acquisition was funded with proceeds from asset dispositions as well as borrowings on Colonial Properties Trust's unsecured credit facility. The complex was earlier known as Waterstone. As of March, the real estate investment trust owned or managed over 35,000 apartments in the in the Sunbelt region. For the full story, go to Birmingham Business Journal .
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