MENOMONEE FALLS, WI – Continental Properties Company, Inc., a privately held national developer, owner, and operator of apartment buildings and commercial real estate, has announced the closure of its first development fund, Continental Properties Real Estate Development Fund I, LP. The fund closed in January with a total of $ 180 million in equity and investments in suburban residential communities developed and managed by Continental Properties with a total projected cost of over $ 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 great 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 real estate 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.
Source: Continental characteristics