Colonial REIT To Sell $338M Apartment Homes

Alabama-based REIT Colonial Properties Trust is selling apartment homes as part of a strategy to recycle older multifamily assets for $338 million.

Alabama-based REIT Colonial Properties Trust is selling apartment homes as part of a strategy to recycle older multifamily assets for $338 million. The properties to be sold are 18 apartment communities in Georgia, North Carolina, Texas and Virginia.

Under the terms of the transaction, the assets will be sold only if Colonial Properties can find reinvestment opportunities for the proceeds of the sale. The 90% multifamily, 10% commercial portfolio mix target will remain unchanged. The company did not disclose any potential buyer, adds The Wall Street Journal.

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