Continental Properties Announces Multifamily Real Estate Fund
MENOMONEE FALLS, Wis., March 26, 2021 / PRNewswire / – Continental Properties Company, Inc. (“Continental Properties”), a privately held national developer, owner, and operator of apartment buildings and commercial real estate, has announced the completion of its first development fund, Continental Properties Real Estate Development Fund I. . LP The fund closed January with an overall increase of $ 180 million and will invest in suburban residential communities developed and managed by Continental Properties with projected total construction costs in excess of $ 700 million.
“We firmly believe in our suburban multi-family strategy and our investors have benefited greatly from the growth in employment and population growth in the suburbs. Stronger rental growth and demographics are fueling the development and ownership of multi-family properties in the suburbs. We are confident in the markets that we are targeting for development and are satisfied with the strength of our development pipeline. The development fund offers Continental and its investors the opportunity to invest in a geographically diverse portfolio of high-quality residential communities, “said Jim Schloemer, founder and chairman of Continental Properties and Treasurer of the National Council for Apartment Buildings.
“Continental Properties has been implementing its metropolitan multi-family strategy with great success for over 20 years and recognizes that long-term fundamentals will continue to support multi-family development in the future. Trends in tenant preferences, combined with supply and demand metrics in our targeted development markets, continue to support them our suburban strategy and are well positioned to deliver excellent returns for our investors, “said Dan Minahan, President and COO.
Interest in the development fund exceeded original expectations. “We saw very strong interest both from our long-term investors, who have been entrusting their investments to Continental for years, and from new investors who are looking for opportunities to diversify their portfolios and invest with a proven property sponsor. We are grateful for the continuation Trust our investors have placed in us and we are determined to deliver great results, “commented Ed Madell, EVP and CFO.
Continental recently launched the Continental Properties Real Estate Income Fund II, LP, a portfolio of up to 10 stabilized, income-generating apartment buildings developed and operated by Continental. The first degree is expected to take place in April 2021 with around $ 200 million in equity. For more information, please contact Continental’s Investor Relations team at (262) 502-5500 or [email protected]
Information on Continental properties
Continental Properties is a Wisconsin-based national developer and operator of multi-family, retail and hotel properties. Since its inception in 1979, Continental Properties has developed over 90 shared apartments with more than 25,000 homes in 19 states. Continental Properties currently owns and manages 60 communities with over 16,200 homes in 16 states. For more information on Continental Properties, please visit www.cproperties.com.
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Investors: [email protected] Continental Properties Company, Inc. (262) 502-5500
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SOURCE Continental Properties Company, Inc.
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