Cottonwood Communities Inc., a publicly registered non-traded real estate investment trust focused on multifamily real estate investments, has reported the monthly net asset value per share/unit of its common stock and operating partnership units, as of October 31, 2021.
As of October 31, 2021, the NAV per share for the outstanding Class A and Class TX shares was approximately $16.33, compared to the prior month’s NAV of $15.48. Shares were originally priced at $10.00 each plus applicable selling commissions and fees.
Investments in multifamily operating properties increased from $1.72 billion in September to $1.77 billion in October. Investments in multifamily development properties increased from $185.9 million to $187.2 million, month-over-month, while investments in real estate-related structured investments increased from $56.4 million to $58.7 million.
Other assets increased from $53.1 million to $61.8 million, and cash and cash equivalents decreased from $12.9 million in September to $9.8 million in October.
Secured real estate financing increased slightly from ($868.5 million) in September to ($869 million) in October, and subordinated notes remained unchanged at ($48.6 million). Preferred equity increased from ($229 million) to ($238.9 million) month-over-month. The REIT had 54.67 million shares outstanding in October, compared to 54.77 million in September.
Cottonwood Communities’ portfolio includes 33 multifamily apartment communities in 13 states with 9,746 units. As of September 30, 2021, the REIT has raised gross proceeds of approximately $85.8 million from the sale of Series 2019 Preferred Stock in its private offering and approximately $122 million from the sale of common stock in its initial offering.