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Colonial To Get $338M For U.S. Apartments

Colonial Properties Trust is selling 18 apartment communities in the U.S. to a subsidiary of Elco Holdings.

Colonial Properties Trust is selling 18 apartment communities in the U.S. to a subsidiary of Elco Holdings, The Wall Street Journal reports. The real estate investment trust will obtain a total of around $338 million from the sale.

The apartment communities include around 5,700 apartments in Georgia, North Carolina, Texas and Virginia. Colonial is selling its older properties to concentrate on more modern buildings that are less expensive to manage.

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