CNL Growth Properties to Discuss NAV Estimate, Unsolicited Tender Offer Extended

CNL Growth Properties Inc., a publicly registered non-traded real estate investment trust, will host a webinar to present the estimated net asset value per share of the company’s common stock, as of December 31, 2015, according to a letter sent to financial advisors and broker-dealers that participated in the company’s public offerings.

The webinar will be held on January 29th at 3:00 p.m., Eastern Time. To register, visit GrowthTrust.com/webinar, and dial 800-680-6953 for access.

As previously reported by The DI Wire, CNL Growth Properties engaged CBRE Capital Advisors to assist its valuation committee in preparing its estimated NAV, which is expected to be announced on January 26th, a few days prior to the webinar.

In other CNL Growth Properties news, the unsolicited tender offer launched by Everest REIT Investors to purchase up to 1.13 million shares of common stock at $5.70 per share was extended to January 14. The original offer was previously scheduled to expire on January 6.

Everest REIT Investors have purchased 25,300 shares to date, according to a press release issued by the purchaser.

As of September 30th, CNL Growth Properties owned interests in 15 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 six were under development, including one of which was partially operational, with completion expected in phases by the third quarter of 2016.