Colonial To Get $338M For U.S. Apartments

Colonial Properties Trustis selling 18 apartment communities in the U.S. to a subsidiary ofElco控股,The Wall Street Journalreports. The real estate investment trust will obtain a total of around $338 million from the sale.

The apartment communities include around 5,700 apartments in Georgia, North Carolina, Texas and Virginia. Colonial is selling its older properties to concentrate on more modern buildings that are less expensive to manage.

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