MENOMONEE FALLS, Wis., March 26, 2021 /PRNewswire/ -- 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 first development fund, Continental Properties Real Estate Development Fund I, L.P. The fund closed in January with a total raise of $180 million of equity and will invest in suburban apartment communities developed and managed by Continental Properties with a total projected construction cost of over $700 million.
"We believe strongly in our suburban multifamily strategy, and our investors have benefited greatly from the growth in suburban employment and population. Stronger rent growth and demographics favor developing and owning suburban multifamily real estate. We are confident in the markets we have targeted for development and are pleased with the strength of our development pipeline. The Development Fund gives Continental and its investors an opportunity to invest in a geographically diverse portfolio of high-quality apartment communities," said Jim Schloemer, Founder and Chairman of Continental Properties and Treasurer of the National Multifamily Housing Council.
"Continental Properties has been executing on its suburban multifamily strategy with great success for over 20 years and recognizes that long-term fundamentals will support multifamily development well into the future. Trends in renter preferences, combined with the supply and demand metrics in our targeted development markets, continue to support our suburban strategy and positions us well to achieve outstanding returns for our investors," stated Dan Minahan, President and COO.
Interest in the Development Fund surpassed initial expectations. "We saw very strong interest from both our long-time investors who have trusted Continental with their investments for years as well as from new investors looking for ways to diversify their portfolios and invest with a proven real estate sponsor. We are grateful for the continued trust that our investors have placed in us, and we are highly committed to delivering outstanding results," commented Ed Madell, EVP and CFO.
Continental also recently launched Continental Properties Real Estate Income Fund II, L.P., a portfolio of up to 10 stabilized, income-producing multifamily properties developed and operated by Continental. The first closing is expected to occur in April 2021 with approximately $200 million of equity. For additional information, please reach out to Continental's Investor Relations Team at (262) 502-5500 or [email protected]
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 90 apartment communities encompassing more than 25,000 apartment homes in 19 states. Currently, Continental Properties owns and manages 60 communities comprised of over 16,200 homes in 16 states. For more information about Continental Properties, visit www.cproperties.com.
SOURCE Continental Properties Company, Inc.