CNL Growth Properties Inc., a publicly registered non-traded real estate investment trust, established an estimated net asset value of $8.65 per share of common stock, as of Dec. 31, 2015.
The valuation assumes the deduction of two separate special cash distributions to shareholders totaling $3.00 during 2015, as well as hypothetical transaction costs relating to company’s ongoing liquidation effort.
The 2015 NAV is $0.95 more than the revised 2014 NAV of $7.70 per share, despite these special distributions.
As previously reported by The DI Wire, CNL Growth Properties engaged CBRE Capital Advisors to assist its valuation committee in preparing the estimate and to explore strategic alternatives for future stockholder liquidity.
The prepared valuation report included a range for the company’s NAV per share of $8.37 to $8.95.
CNL Growth properties will host a webinar on January 29th at 3:00 p.m., Eastern Time to discuss the new estimated net asset value.
To register, visit GrowthTrust.com/webinar, and dial 800-680-6953 for access.
CNL Growth Properties owns 13 Class A multifamily properties in the southeastern and sunbelt regions of the United States. Nine of these properties had substantially completed development and were operational. The remaining four were under development, including one of which was partially operational, with completion expected in phases by the third quarter of 2016.