Colonial Properties Trust was a publicly traded diversified
real estate investment trust headquartered in
Birmingham, Alabama. In October 2013, the company was acquired by
Mid-America Apartment Communities.
Company history
In 1970, the company was founded by Edward Lowder, the father of
Bobby Lowder Robert E. Lowder (born ca. 1944 in Alabama) is a former American banking executive, and founder and former longtime CEO of the failed Colonial Bank and Colonial BancGroup, Colonial Bank's former parent company. Lowder is an Auburn University alu ...
, the head of the failed
Colonial Bank and
Colonial Bancgroup.
In September 1993, the company became a
public company via an
initial public offering.
In 1994, the company acquired the Rime Companies for $190.7 million.
Rime owned 10 apartment complexes containing 4,953 apartment units.
[ The acquisition increased the number of apartment owned by the company to 10,873 and made it the largest apartment owner in Alabama.][
In 2004, the company acquired Cornerstone Realty Income Trust for $650 million in stock.
In 2005, the company partnered with DRA Advisors to acquire CRT properties. Colonial received a 15% stake in CRT, which was acquired for $1.8 billion. CRT owned 11.7 million square feet of office space mostly in Atlanta, Houston, Orlando and Charlotte.
In March 2006, the company sold 2 shopping centers.
In 2007, a joint venture between the company and DRA Advisors sold 15 properties in Arizona, Nevada, and New Mexico containing 3,959 units for $468 million.
In 2007, the company sold a majority interest in development assets in Alabama for $48.5 million.
In 2014, the company sold Brookwood Village, which it had acquired in 1999.
In October 2013, the company was acquired by Mid-America Apartment Communities.]
References
{{Reflist, 1
2013 mergers and acquisitions
Real estate companies established in 1970
Companies disestablished in 2013
1970 establishments in Alabama
2013 disestablishments in Alabama