Torrance, CA – May 11, 2011 – (RealEstateRama) — In the first Class A multifamily transaction to take place in Las Vegas in at least 36 months, Birmingham, Ala.-based REIT, Colonial Properties Trust (NYSE: CLP), acquired a 341-unit apartment community for $40,900,000, according to Jim Fisher, a Principal with Lee & Associates-LA North/Ventura, Inc and Stephen Peters, a Principal with Lee & Associates-Investment Services Group, who represented the buyer in the transaction.
The all-cash sale closed in 27 days.
“Colonial Properties Trust came back into the market after exiting it in 2007 with very specific requirements for multifamily acquisitions, and we were able to identify an off-market opportunity that met its requirements within four weeks,” said Fisher.
Peters added, “Colonial Properties was able to acquire this premier asset at a valuation that satisfied our client’s yield requirements and closed the deal quickly for the existing ownership, creating a win-win for both the buyer and seller.”
The property, Colonial Grand at Palm Vista, is one of three acquisitions Colonial Properties recently made with funds from the close of a $100 million “at-the-market” equity offering program and an unsecured credit facility.
Colonial Grand at Palm Vista, located at 6300 McCarran St., is a private, gated community offering one-, two- and three-bedroom units ranging from 786 square feet to 1,236 square feet with patios and washer/dryers and community amenities including a clubhouse, fitness center, a European pool and spa.
Colonial Properties Trust owned or managed approximately 34,275 apartment units and 15.1 million square feet of commercial property in the Sunbelt Region of the United States as of Dec. 31, 2010.
About Lee & Associates
Celebrating more than 32 years of leadership excellence in commercial real estate, Lee & Associates is one of the largest national commercial real estate providers with regional expertise. As a group of independently owned and operated companies, Lee & Associates currently has 43 offices located in California, Arizona, Georgia, Idaho, Illinois, Indiana, Kansas, Michigan, Missouri, Nevada, New Jersey, South Carolina, Texas and Wisconsin. Lee & Associates’ clients enjoy a comprehensive range of specialized commercial real estate services including: industrial, office, multifamily and retail property sales and leasing; real estate investment consulting, property acquisition and disposition; tenant representation and relocation, land assemblage, site selection, mixed-us e and urban in-fill, property and portfolio evaluation and market research. Additional information is available at www.lee-associates.com.