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Continental Properties Closes Development Fund
Wisconsin-based Continental Properties Company, Inc. has closed its first development fund, Continental Properties Real Estate Development Fund I, L.P. with a total raise of $180 million of equity. The fund will invest in suburban apartment communities developed and managed by Continental Properties with a total projected construction cost of more than $700 million.
“We believe strongly in our suburban multifamily strategy, and our investors have benefited greatly from the growth in suburban employment and population,” said Jim Schloemer, founder and chairman of Continental Properties. “Stronger rent growth and demographics favor developing and owning suburban multifamily real estate.“
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,” said CFO Ed Madell.
- ◦Development
