Colonial Properties Trust Buys 6 MF Properties for $105.8M; Office Buildings Developed by Capital Assoc. Obtain $36.5M

By Liviu Oltean, Associate Editor

Colonial Properties Trust recently sold six multifamily properties for $105.8 million. 

The properties are: Colonial Grand at Sugarloaf, Colonial Grand at McGinnis Ferry, Colonial Village at Meadow Creek, Summer Tree, Brookfield and Paces Cove. About $96.3 million from that transaction has been utilized to purchase new assets in North Texas and the Carolinas.

The Alabama-based company has acquired the 316-unit Creekside Hills in Raleigh, which has been branded as Colonial Village at Beaver Creek. In Charleston, S.C., the company purchased the 312-unit Alexan Wellborn, renamed as Colonial Grand at Commerce Park, and, in Fort Worth, Colonial has acquired the 278-unit Cityville at Southwestern Medical District, renamed the Colonial Reserve at Medical District.

Thomas H. Lowder, chairman and CEO of Colonial Properties, declared that the transaction is consistent with the company’s strategy of increasing their ownership of multifamily assets.

In other news, Crescent Lakeside I and II located at 1255 Crescent Green, Cary, developed by Capital Associates, have obtained $36.5 million in financing.

Crescent Lakeside I is a three-story brick and glass Class A office building with a total of 109,000 square feet; and Crescent Lakeside II is a four-story Class A office building that totals 146,000 square feet.

The buildings encompass about 255,000 square feet of office space that is currently 91 percent leased, as reported by CityBizList. The financing was provided by John Hancock and Principal Financial Group, and was arranged by Todd Crouse, the senior vice president of NorthMarq Capital Inc.

Capital Associates is a full-service commercial real estate company established in 1983 with numerous offices in North Carolina and Northern Virginia. The company provides land development, building development, brokerage, property management and consulting services.