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BIRMINGHAM, AL-Colonial Properties Trust has invested another $119.4 million into a revolving door of deals to change its portfolio profile. The latest round of closings reels in 892 class A apartments in North and South Carolina and Scottsdale, AZ and selling $103.4 million in seven properties.

In separate transactions, the locally based investment group has acquired the 156-unit Colonial Grand at University Center at 608 McCullough Dr. in Charlotte, NC for $14.3 million; 264-unit Colonial Grand at Cypress Cove at 3590 Mary Ader Ave. in Charleston, SC for $29.1 million; 472 units in two properties at 2920 N. 70th St., which have been renamed to Colonial Grand at Old Town Scottsdale for $76 million.

The Charlotte property was joint venture-owned by Highwoods Properties Inc. of Raleigh, NC. It was 92% occupied at sale time.

The Charleston asset was developed in 2001 by the Seltzer Group from New York City and Fort Washington, PA. It was 97% leased at sale time.

In Scottsdale, Colonial bought the Monaco Apartments and Monte Carlo Apartments for $42.2 million and $33.8 million, respectively. The combined 472 units, developed in 1994, were 87% occupied Colonial took the deeds from Englewood, CO-based Archstone-Smith.

In this morning’s press release, Colonial’s executive team says the acquisition was funded, in part, with proceeds from seven sales, totaling 1,705 units. The just-sold product is 19.7 years old, on average. Beyond that, information about the buyers wasn’t available by press time although some had been previously reported when they closed in late 2006.

The sold properties are the 200-unit Grand Colonial at Enclave, 324-unit Colonial Village at Poplar Place and 188-unit Colonial Village at Spring Lake, all in Atlanta; 204-unit Colonial Village at Timothy Woods in Athens, GA; 349-unit Beacon Bill in Charlotte, NC; and 260-unit Clarion Crossing and 180-unit Colonial Village at Regency Place, both in Raleigh.

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