CNL Growth Properties, a nontraded REIT, has completed the successful liquidation of its portfolio according to the plan approved by shareholders in August 2016. The company closed on the sale of its 17th and final property, Haywood Reserve in Greenville, S.C., on Sept. 29, 2017, for $53.8 million.
During the week of Oct. 23, the company will issue its final cash distribution of $120.7 million, which equals $5.35 per share and compares favorably to the most recent published estimated net asset value per share of $5.01. The final distribution is in addition to the $7.65 per share in cash distributions that were paid to shareholders between February 2015 and December 2016, bringing total distributions to $13.00 per share.
Shareholders also received quarterly stock distributions between October 2010 and September 2014, which increased the number of shares held by a shareholder by 3.4 percent to 40 percent, depending on when the shares were originally purchased.
During its life cycle, CNL Growth Properties developed from the ground up, 17 class A rental communities in nine states with eight leading development partners. Total development costs were $623.6 million for the 17 projects, creating 4,930 new dwelling units in aggregate. The portfolio was sold in 17 individual transactions for a total of $868.3 million.
