Home Alts News CNL Growth Properties Joint Venture Sells Multifamily Property Near Baltimore

CNL Growth Properties Joint Venture Sells Multifamily Property Near Baltimore

A joint venture between CNL Growth Properties Inc. and Woodfield Investments sold Oxford Square, a 248-unit multifamily community near Baltimore, for $65.7 million. The Howard County Housing Commission was the buyer of the Hanover, Maryland property, according to a filing with the Securities and Exchange Commission.

Oxford Square and was developed in March 2014 for a total of $51 million – including land and construction costs. CNL Growth Properties owned a 95 percent interest in the property and netted approximately $26.5 million after repayment of approximately $35.3 million of debt, closing costs, reserves, and distributions to Woodfield.

Oxford Square includes four residential apartment buildings totaling approximately 247,000 square feet, and an average unit size of approximately 997 square feet. Property amenities include a clubhouse, fitness studio, and approximately 391 parking spaces.

The sale is part of the REIT’s ongoing liquidation plan that was approved by stockholders in August 2016.

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. CNL Growth Properties’ portfolio currently consists of six class A multifamily properties.

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