Home News CNL Growth Properties Sells Final Property

CNL Growth Properties Sells Final Property

SHARE

CNL Growth Properties, a publicly registered non-traded real estate investment trust, sold Haywood Reserve, a 292-unit multifamily community in Greenville, South Carolina, to an unaffiliated third party for $53.8 million, according to a filing with the Securities and Exchange Commission.

Haywood Reserve was the last property in CNL Growth’s portfolio to be sold following the shareholder approved plan of liquidation.

In October 2014, CNL Growth and Daniel Haywood LLC formed a joint venture to purchase a 14.6-acre parcel of undeveloped land on which to develop the multifamily property. The property had a total development budget of Approximately $35.7 million, and CNL Growth holds a 90 percent interest in the joint venture.

The property is comprised of one-, two- and three-bedroom units and will includes a 5,000-square-foot community clubhouse with coffee bar, dog park and pet spa, car care center, saltwater swimming pool, and a fitness center.

The net cash to the REIT from the sale of the property was approximately $20.5 million after repayment of approximately $24.6 million of debt, along with closing costs, reserves, and distributions to its joint venture partner.

CNL Growth Properties, formerly known as Global Growth Trust, commenced its $1.5 billion initial public offering in October 2009. In April 2013, the REIT closed the offering after raising approximately $94.2 million and changed its name to CNL Growth Properties. In August 2013, the company initiated a follow-on offering and refined its investment focus on multifamily development projects in the Southeast and Sun Belt regions of the U.S. The combined offerings raised a total of $208 million in investor equity.

Click here to visit CNL Financial Group’s directory sponsor page.

SHARE
Previous articlePresident George W. Bush to Address ADISA Annual Conference
Next articleGriffin Capital Essential Asset REIT Enters into $375 Million Loan Agreement