MENOMONEE FALLS, Wis., Aug. 03, 2022 (GLOBE NEWSWIRE) -- Continental Properties Company, Inc. ("Continental Properties") a privately held national multifamily and commercial real estate developer, owner, and operator has announced the closing of its second real estate development fund, Continental Properties Real Estate Development Fund II, L.P. The fund held its initial closing July 13, 2022, with a total capital commitment of approximately $346 million to invest in suburban apartment communities developed and managed by Continental Properties with a total projected stabilized value in excess of $2 billion.
"This is not only a milestone for Continental but also an achievement which lays a strong foundation to meet the need for more market-rate workforce attainable housing in many parts of the country. These new rental communities will continue to provide our partners with outstanding investment returns while expanding opportunities for the many talented professionals who choose to build their careers at Continental Properties and advance our strategic goals," said Jim Schloemer, Co-Founder and CEO of Continental Properties and Vice-Chairman of the National Multifamily Housing Council (NMHC). "We had a very active 2021, breaking ground on 3,625 apartment homes which placed us 10th on the NMHC 25 Largest Developer list. Our pipeline for 2022 is even more robust, and we may surpass last year's groundbreaking totals. The certainty of investment capital to fund this pipeline of new communities that meet our high standards for quality and performance is an important ingredient in seizing new development opportunities."
"This is our largest single equity raising effort to date, and to have closed this Fund less than four months since the launch is something we are all proud of. The success of this closing was rooted in the performance of all of our development and operational efforts," commented Dan Minahan, President of Continental Properties. "This Fund will continue Continental's mission of building communities that enhance people's lives, while also providing new opportunities for our investors to diversify their portfolios."
This is the sixth private real estate investment fund that Continental Properties has closed since 2019. Continental Properties currently manages four Income Funds comprised of 9,255 apartment homes across 34 communities with a gross asset value of $2.3 billion. Continental Properties also manages Development Fund I which is comprised of 4,060 apartment homes across 15 communities that are currently under construction and/or lease-up. For additional information, please reach out to Continental Properties' Investor Relations Team at (262) 502-5500 or IR@cproperties.com.
About Continental Properties
Continental Properties is a Wisconsin-based national developer and operator of multifamily communities, retail, and hospitality properties. Since its inception in 1979, Continental Properties has developed over 110 apartment communities encompassing more than 31,000 apartment homes in 19 states. Currently, Continental Properties owns and manages 72 communities comprised of over 19,000 homes in 16 states. For more information about Continental Properties, visit www.cproperties.com.
Inquiries
Media: media@cproperties.com Continental Properties Company, Inc. (262) 502-5500
Investors: IR@cproperties.com Continental Properties Company, Inc. (262) 502-5500
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