Colonial Selling $500M of Retail, Multifamily

BIRMINGHAM, AL-As part of its asset recycling program, Colonial Properties Trust is putting 18 multifamily assets with 4,000 units and three shopping centers totaling 700,000 sf on the market. The estimated value of the portfolio is $450 million to $500 million.

The multifamily properties are located in the Carolinas, Florida, Georgia, Texas and Virginia. All were acquired in the $650-million acquisition of New York City-based Cornerstone Realty Income Trust in 2004. Jerry Brewer, senior vice president and treasurer of the Birmingham, AL-based REIT, says the multifamily portfolio is about 21 years old and 96% occupied.

Brewer tells GlobeSt.com that the multifamily portfolio has been divided among three brokerage companies for the sales campaign. He declined to identify the firms and the to-be-sold assets at this time.