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Colonial Plans $338M Disposition of 5,659 Multifamily Units

BIRMINGHAM, AL-The REIT inks an agreement for Elco Holdings to buy 18 apartment communities situated in four states.

By Jennifer Duell Popovec | Updated on July 28, 2011

BIRMINGHAM, AL-Colonial Properties Trust has agreed to sell 18 apartment communities to Elco Holdings for $338 million. The price represents a 6% cap rate for the portfolio, which consists of 5,659 units in Georgia, North Carolina, Texas and Virginia.

The REIT says the deal is part of its ongoing strategy to recycle older multifamily assets to improve the average age, margin and capital expenditure requirements of its portfolio. The properties under contract have an average age of 25 years.

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