Continental Properties Co. has closed its first development fund, Continental Properties Real Estate Development Fund I.
The fund closed in January with a total raise of $180 million of equity and 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 and treasurer of the National Multifamily Housing Council. “Stronger rent growth and demographics favor developing and owning suburban multifamily real estate. We are confident in the markets we have targeted for development and are pleased with the strength of our development pipeline. The Development Fund gives Continental and its investors an opportunit
