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Colonial Grand apartments bought for $23.4M

Colonial Properties Trust said it has purchased the Colonial Grand apartment complex in Cornelius for $23.4 million.

In a press release, the Birmingham, Ala., real estate investment trust said the 236-unit Class A apartment community is in the “high-end submarket of Cornelius near Lake Norman.”

Colonial Grand, built in 2009, is 94 percent occupied, CPT said.

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