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FAIRVIEW — Birmingham, Ala.-based Colonial Properties Trust (CPT) has acquired the 256-unit Colonial Grand at Fairview, a Class A apartment community located at 344 Murray Farm Road in Fairview, a Dallas suburb, for $29.8 million. The new property features a resort-style swimming pool with a sundeck, a fitness center, outdoor grilling stations and designer kitchens with granite countertops. The purchase was funded with proceeds from asset dispositions and borrowings on CPT's unsecured credit facility.