Colonial Properties Trust Announces Acquisition of Multifamily

  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
(Logo: ) 
"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
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 .  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/ 

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CO:  Colonial Properties Trust; Roberts Realty Investors, Inc.
ST:  Alabama, Georgia
-0- Jun/03/2004 13:34 GMT
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