Report: Colonial Properties sells apartment complexes in $95.4 million deal

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BIRMINGHAM, Alabama -- Colonial Properties Trust has sold apartment complexes in North Carolina, Texas and Virginia to investors from Tampa and Toronto for $95.4 million, according to a published report.

According to a report in the Triangle Business Journal, the properties sold include The Colonial Village apartments in Chapel Hill, N.C.; Heatherwood Apartment Homes in Charlotte, N.C.; and developments in Austin, Texas and Charlottesville, Va.

The buyer is a partnership of Elco Landmark Residential of Tampa, Fla., and Timbercreek Asset Management of Toronto, the business journal reports.

Birmingham-based Colonial Properties stock trades on the New York Stock Exchange under the symbol "CLP."

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