Continental Properties Co. closes two real estate funds valued at $1b
Continental Properties Co. has announced the closing of Continental Properties Real Estate Income Fund III and Continental Properties Real Estate Income Fund IV.
The closed-end funds placed 100 percent of committed capital on Dec. 21, 2021, to acquire two portfolios consisting of 14 apartment communities developed by Continental Properties with an aggregate value of $1 billion. Consistent with Continental’s prior income funds, Fund III and Fund IV comprise high-quality, newly constructed suburban multifamily communities with proven operating performance that will begin making distributions to investors in first quarter 2022.
“We’ve had an extraordinary year closing four real estate funds and raising over $730 million of equity,” said Jim Schloemer, co-founder and chairman of Continental Properties and treasurer of the National Multifamily Housing Council. “The simultaneous closing of two income funds at year-end in addition to closing a development fund and i