BIRMINGHAM, AL-As part of its asset recycling program, Colonial Properties Trust is putting 18 multifamily assets with 4,000 units and three shopping centers totaling 700,000 sf on the market. The estimated value of the portfolio is $450 million to $500 million.

The multifamily properties are located in the Carolinas, Florida, Georgia, Texas and Virginia. All were acquired in the $650-million acquisition of New York City-based Cornerstone Realty Income Trust in 2004. Jerry Brewer, senior vice president and treasurer of the Birmingham, AL-based REIT, says the multifamily portfolio is about 21 years old and 96% occupied.

Brewer tells that the multifamily portfolio has been divided among three brokerage companies for the sales campaign. He declined to identify the firms and the to-be-sold assets at this time.

“It’s easier, in this market, to get the smaller deals done,” Brewer says, explaining Colonial Properties’ reasoning for the division of marketing assignments. He adds that Colonial Properties will entertain single and multiple offers. The deals are predicted to close in the third and fourth quarters.

The retail properties are under-construction. The projects will be packaged as joint venture opportunities upon completion, with Colonial Properties lined up to manage and lease them. “Part of our retail center strategy is to develop and distribute those into joint ventures,” he says. “We sold approximately $1.7 billion into joint ventures last year.” The retail centers are located in Birmingham, Nashville and Orlando, FL. The retail pipeline includes Colonial Pinnacle Turkey Creek at 11251 Parkside Dr. in Knoxville, TN.

Brewer says putting the portfolio on the market was part of Colonial Properties’ plan to freshen up its portfolio. “It’s been our plan all along to recycle those assets,” he says. “It was part of our strategy from Day One.”

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