MILWAUKEE, WISCONSIN / ACCESSWIRE / December 16, 2024 / Continental Properties Company, Inc. ("Continental Properties"), a national developer, owner, and operator of rental home communities, retail, and hospitality properties, has announced the successful closing of its ninth private real estate fund, Continental Properties Real Estate Development Fund III, L.P. The Fund raised approximately $210 million in total capital commitments, which will be invested in the development of suburban apartment communities by Continental Properties under its existing array of brands. At completion, Continental anticipates that the Fund will develop 14-16 properties with a projected aggregate stabilized value exceeding $1 billion.

"Closing our third development fund amid a challenging economic and political landscape underscores Continental's ability to execute our strategic vision while offering investors a compelling opportunity to participate in what we believe will be under-supplied housing markets in 2026 and beyond," said Jim Schloemer, Co-Founder and CEO of Continental Properties and Chairman of the National Multifamily Housing Council (NMHC). "This milestone also positions Continental to maintain its momentum in addressing the growing demand for market-rate, workforce-attainable housing. In 2024 alone, we broke ground on 3,517 apartment homes at a time when the industry has been forced to retreat due to capital and cost constraints. We remain confident and excited about the opportunities over the next 12-18 months to develop properties that will open into under-supplied markets."

Continental Properties has consistently delivered quality suburban rental housing through its branded communities: Springs Apartments, Authentix Apartments, and Avanterra Homes. "In an environment where private real estate offerings and private equity groups face liquidity challenges, our ability to raise substantial capital in a short period demonstrates our solid track record over the past 45 years and ability to deliver exceptional results to our investors," said Dan Minahan, President of Continental Properties. "Our focus remains on meeting the evolving needs of our residents and investors to ensure sustainable growth and long-term value for all stakeholders."

Since late 2019, Continental Properties has raised $1.7 billion, achieving a total portfolio value of over $5 billion. "Our reputation for delivering successful outcomes has provided us the good fortune of loyal investors and the ability to attract new partners," said Alex Wagner, Vice President of Investor Relations. "We remain optimistic about the suburban multifamily development landscape and the opportunities this fund will create to deliver strong returns and enrich communities by fostering growth and enhancing the long-term appeal of the areas we serve."

For more information, please contact Continental Properties' Investor Relations Team at (262) 502-5500 or IR@cproperties.com.

About Continental Properties

Continental Properties is a national developer and operator of rental home communities, retail, and hospitality properties. Since its inception in 1979, Continental Properties has developed 133 apartment communities encompassing more than 35,000 apartment homes in 20 states. For more information, visit www.cproperties.com.

SOURCE: Continental Properties Company, Inc.