Alabama-based apartment investor Colonial Properties Trust has paid $42.8 million for a Las Colinas apartment project. The Canal Side Lofts on East Las Colinas Boulevard contain 306 units and were built in 2006. Developer Palladium USA International built the rental community, which was more than 95 percent leased at sale. The new owner has changed the name of the community to Colonial Reserve at Las Colinas. Birmingham-based Colonial owns more than a dozen North Texas apartment complexes. The real estate investment trust owns or manages 35,067 apartment units nationwide.