N&O: Apartments Sold in Durham

newsobserver.com | NC

DURHAM -- Colonial Properties Trust of Birmingham, Ala., and a partner paid $31.75 million, or about $85,811 per unit, for Alta Trace apartments at 400 Stone Lion Drive.
The complex was built in 2002 and is 92.4 percent occupied. Since the acquisition closed last month, the partners have renamed the 370-unit complex the Colonial Grand at Research Park.

Colonial owns or manages 47,700 apartment units, 8.3 million square feet of office space and 13.5 million square feet of retail shopping space.