Continental Properties' Springs at Pleasant View Community
Community rendering of Springs at Pleasant View. One of the investment properties included in the portfolio.
MILWAUKEE, April 25, 2023 (Newswire.com) - 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 seventh commingled real estate fund, Continental Properties Real Estate Income Fund V, L.P. The fund held its final closing on December 31, 2022, with total capital of approximately $130.5 million, which was employed to invest in six suburban apartment communities located in six states, developed and managed by Continental Properties, with a total value of $389 million.
"The Income Fund series of funds was created to give investors exposure to a newly developed, geographically diverse portfolio of multifamily communities and to generate attractive and consistent cash flow along with the opportunity for long-term capital appreciation and tax-efficient risk-adjusted returns," said Jim Schloemer, Co-Founder and CEO of Continental Properties and Vice-Chairman of the National Multifamily Housing Council (NMHC). "Unlike many other funds in the market, investors' capital in our Income Fund V was deployed immediately upon closing, and investors knew exactly how and where their capital would be invested. This is a distinctive aspect of our Income Funds and one that investors continue to appreciate."
"This was our seventh private real estate fund closing in just over three years, and we continue to be excited about multifamily fundamentals in the markets in which we operate," commented Dan Minahan, President of Continental Properties. "To close on a privately offered real estate fund under current market conditions is a great accomplishment for our company. It reflects our investors' belief in Continental Properties' suburban multifamily strategy, disciplined approach, and our ability to professionally manage these communities through turbulent times. We appreciate our investors' confidence in Continental Properties and our ability to deliver outstanding results."
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 125 apartment communities encompassing more than 33,000 apartment homes in 19 states. For more information about Continental Properties, visit cproperties.com.
For information on Continental Properties' investment opportunities, please reach out to Continental Properties' Investor Relations Team at (262) 502-5500 or [email protected]
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Original Source: Continental Properties Closes on Income Fund V at $130.5 Million