Colonial Properties Trust (NYSE: CLP), today announced the purchase of the 280-unit Colonial Grand at Windermere (formerly Altis at Lakes of Windermere) located in Orlando, Florida for $43.0 million.
Colonial Grand at Windermere is a Class A garden-style apartment community located in the superior Orlando submarket of Windermere. The community amenities include a social clubroom with cyber cafe, media and billiard room, resort style pool, fitness center, movie theatre, outdoor wet bar, fireplace and grill area. The apartment community was built in 2009, 96 percent occupied at the time of acquisition, and has an average monthly rent of $1,158 per unit. The acquisition was funded with proceeds from the sale of apartment communities that occurred in 2012 and borrowings under our unsecured credit facility.
Colonial Properties Trust is a multifamily focused real estate investment trust (REIT) that is engaged in the ownership, development, acquisition and management of quality real estate properties in the Sunbelt region of the United States. As of December 31, 2012, the Company owns interests in 115 apartment properties containing 34,497 apartment homes and 2.5 million square feet of commercial space. Headquartered in Birmingham, Alabama, Colonial Properties Trust is listed on the New York Stock Exchange under the symbol CLP and is included in the S&P SmallCap 600 index. For more information, please visit the Company’s website at