Assets BIRMINGHAM, Ala., June 3 /PRNewswire-FirstCall/ -- Colonial Properties Trust (NYSE: CLP) announced today that it acquired five multifamily assets in Atlanta, Ga from Roberts Realty Investors, Inc. (Amex: RPI). One of the properties, Preston Oaks, is located just outside the perimeter in the prestigious Dunwoody sub-market. The other four properties, Bradford Creek, Plantation Trace, River Oaks and Veranda Chase, are located in the Gwinnett sub-market. Totaling 1,091 units, the class-A apartment communities will give Colonial Properties Trust a strong introduction into the Atlanta multifamily market. (Logo: http://www.newscom.com/cgi-bin/prnh/20030709/CLPLOGO-c ) "Strategically, Colonial Properties has been focused on reallocating assets into the multifamily sector. This transaction allows the company to effect this strategy with class-A communities in a dynamic market," stated Thomas H. Lowder, Chairman and Chief Executive Officer of Colonial Properties Trust. "The multifamily sector is poised to recover from this economic cycle, and the Atlanta market has significant upside potential." The class-A portfolio has a spacious average unit size of 1,300 square feet. The properties were developed between 1990 and 2002, with an average age of 8.5 years. The units have been well-managed and well-maintained and include all the features typical of class-A assets, such as 9-foot ceilings, private entrances, fireplaces, patios, crown molding, bay windows, and much more. The amenities at the properties include pools, spas, tennis courts, weight rooms, saunas, jogging trails and controlled access gates. All five of the properties boast outstanding locations, which provide a competitive advantage. Colonial Properties Trust is a diversified REIT that, through its subsidiaries, owns a portfolio of multifamily, office and retail properties where you live, work and shop in Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee, Texas and Virginia. Colonial Properties Trust performs development, acquisition, management, leasing and brokerage services for its portfolio and properties owned by third parties. Colonial Properties Trust is a diversified REIT, which has a total market capitalization of $3.2 billion. The cornerstone of Colonial Properties' success is its live, work and shop diversified investment strategy. The Company manages or leases 22,690 apartment units, 6.7 million square feet of office space and 15.7 million square feet of retail shopping space. Additional information on Colonial Properties Trust is available on the Internet at www.colonialprop.com . The Company, headquartered in Birmingham, Ala., is listed on the New York Stock Exchange under the symbol "CLP" and is included in the S&P SmallCap 600 Index. SOURCE Colonial Properties Trust -0- 06/03/2004 /CONTACT: Sandra Lee Robertson, Senior Vice President - Finance, of Colonial Properties Trust, +1-205-250-8788/ /Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20030709/CLPLOGO-c AP Archive: http://photoarchive.ap.org PRN Photo Desk, firstname.lastname@example.org/ /Web site: http://www.colonialprop.com/ (CLP RPI) CO: Colonial Properties Trust; Roberts Realty Investors, Inc. ST: Alabama, Georgia IN: RLT FIN SU: TNM -0- Jun/03/2004 13:34 GMT
Colonial Properties Trust Announces Acquisition of Multifamily
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