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Colonial Properties acquires Texas apartments for $36.2M

Colonial Properties announced the purchase of the 252-unit Colonial Reserve at Frisco Bridges located in Dallas, Texas, for $36.2M. The apartment community was completed earlier this year and is currently in lease-up with 30% of the units leased at the time of acquisition. The acquisition was funded with proceeds from the sale of apartment communities and borrowings under the company’s unsecured credit facility.