Continental Properties Company is laying a strong foundation for the creation of much-needed, market-rate, workforce attainable housing in many parts of the country.
The fund held its initial closing July 13 with a total capital commitment of approximately $346 million to invest in suburban apartment communities developed and managed by Continental Properties with a total projected stabilized value in excess of $2 billion.
Jim Schloemer, its co-founder and CEO, announced this week the closing of Continental Properties’ second real estate development fund, Continental Properties Real Estate Development Fund II, L.P., calling it a “milestone” for the company.
Its 2022 Pipeline ‘More Robust’ Than 2021’s
Schloemer, vice-Chairman of the National Multifamily Housing Council (NMHC), said in prepared remarks that Continental had a “very active” 2021, breaking ground on 3,625 apartment homes, placing it 10th on the NMHC 25 Largest Developer list.
“Our pipeline for 2022 is even more robust, and we may surpass last year’s groundbreaking totals,” he said. “The certainty of investment capital to fund this pipeline of new communities that meet our high standards for quality and performance is an important ingredient in seizing new development opportunities.”
This represents the sixth private real estate investment fund that Continental Properties has closed since 2019. Continental Properties currently manages four Income Funds comprising 9,255 apartment homes across 34 communities with a gross asset value of $2.3 billion.
Dan Minahan, president of Continental Properties, shared in prepared remarks that this is the company’s largest single equity raising effort to date, “and to have closed this Fund less than four months since the launch is something we are all proud of.”