Lee & Associates Transacts a $40.9 Million Multifamily Sale for Colonial Properties Trust

Torrance, CA – May 11, 2011 – (RealEstateRama) — In the first Class A multifamily transaction to take place in Las Vegas in at least 36 months, Birmingham, Ala.-based REIT, Colonial Properties Trust (NYSE: CLP), acquired a 341-unit apartment community for $40,900,000, according to Jim Fisher, a Principal with Lee & Associates-LA North/Ventura, Inc and Stephen Peters, a Principal with Lee & Associates-Investment Services Group, who represented the buyer in the transaction.