Continental Properties Ends 'Extraordinary' Year by Closing Two More Funds
The funds acquired two portfolios consisting of 14 apartment communities developed by Continental Properties with an aggregate value of $1 billion.
Continental Properties announced the closing of Continental Properties Real Estate Income Fund III and Continental Properties Real Estate Income Fund IV.
The closed-end funds placed 100% of committed capital on Dec. 21, 2021, to acquire two portfolios consisting of 14 apartment communities developed by Continental Properties with an aggregate value of $1 billion.
This punctuated an “extraordinary year” where the company raised more than $730 million of equity, Jim Schloemer, co-founder and chairman of Continental Properties, said in prepared remarks.
Consistent with Continental’s prior income funds, Fund III and Fund IV hold newly constructed suburban multifamily communities and will begin making distributions to investors in Q1 2022.
The closings follow on the heels of Continental Properties Real Estate Development Fund I, L.P. which closed in January 2021 with $180 million of equity and can support total development costs of over $850 million, and Continental Properties Real Estate Income Fund II, L.P. which closed in April 2021 with $206 million of equity and a total portfolio value of $588 million.
The company broke ground on 3,625 apartment homes in 2021 including its 100th Springs-branded multifamily community.