“We recognized approximately a 77 percent return on investment during our ownership with DRA Advisors,” said Paul Earle, executive VP of the company’s multifamily division. “Our joint venture investment in these properties in late 2004 allowed us to establish our operating platform in the southwest and as a result, we have generated several acquisition and development opportunities. Investing in markets like Las Vegas and Phoenix is consistent with our long term strategy to generate 80 percent of our income from multifamily properties located in high growth Sunbelt cities.”
The fifteen properties located in Arizona, Nevada, and New Mexico, total 3,959 units with an average age of sixteen years. The properties include Pinnacle at High Desert (430 units), Pinnacle Estates (294 units), Pinnacle at High Resort (301 units) in Albuquerque, N.M; La Entrada (130 units), Arabian Trails (384 units), Fairway Crossings (310 units), and Posada del Este (150 units) in Phoenix, Ariz.; Casa Lindas (144 units), Colonia del Rio (176 units), Hacienda del Rio (248 units), Pinnacle Heights (310 units), and Springhill (224 units) in Tucson, Ariz.; and Desert Lakes (184 units), Pinnacle at Flamingo West (324 units), and Talavera at Peccole Ranch (350 units) in Las Vegas, Nev.
Colonial Properties Trust owns a portfolio of multifamily, office and retail property throughout the Sunbelt. The REIT is in the business of development, acquisition, management, leasing and brokerage services. The company has a total market capitalization of approximately $5.6 billion. Colonial owns or manages 46,125 apartment units, 17.7 million square feet of office space and 12.1 million square feet of retail shopping space.
