The company purchased the 19-story building for $44 million andinvested $2.1 million to upgrade the property and increaseoccupancy to 90%. A Colonial spokesperson declined to disclosefurther details regarding the sale.

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

The company used the proceeds from the sale to acquire ColonialGrand at Shiloh, a 498-unit apartment complex in Kennesaw, GA.Built in 2002 the complex, which was formerly called Somerset atShiloh, is 92% occupied. The complex contains units with onebedroom and one bathroom that range in size from 636 sf to 879 sfand rent for $638 to $883; units with two bedrooms and twobathrooms that are 1,245 sf and rent for $900 to $1,040 and unitswith three bedrooms and three bathrooms that range in size from1,515 sf to 1,550 sf and rent for $950 to $1,283. With theacquisition, this is the third apartment complex Colonial owns inKennesaw. The company also owns Colonial Grand at Enclave andColonial Village at Poplar Place.