Cottonwood Communities Resumes Public Offering

Cottonwood Communities Inc., a publicly registered non-traded real estate investment trust focused on multifamily real estate investments, announced that they have resumed accepting subscriptions for its public offering of common stock beginning with the Nov. 1, 2023 admit date and will process reinvestment pursuant to its distribution reinvestment plan with the November distribution payment.

As The DI Wire previously reported in September, the company “briefly” stopped accepting subscriptions for their public offering of common stock (including dividend reinvestment) and their private offerings of preferred equity as they worked to correct errors in their quarterly and annual financial reporting for 2022.

On Oct. 13, 2023, Cottonwood filed an amended 10-K to restate its previously issued audited consolidated financial statements as of and for the year ended Dec. 31, 2022, as well as the unaudited consolidated quarterly financial information for the quarterly periods in the year ended Dec. 31, 2022, to account for an “inaccurate presentation of the change in cash flows ascribed to financing and operating activities in the consolidated statement of cash flows.”

In connection, the SEC declared effective a post-effective amendment to its registration statement for the public offering with the amended 10-K and a prospectus for the public offering dated Oct. 20, 2023.

Cottonwood Communities, as of June 30, 2023, had a portfolio of $2.6 billion in total assets, with 82.4% of its equity value in operating properties, 5.4% in development, 6.5% in land held for development and 5.7% in real estate-related structured investment. In addition, they have an ownership interest in four land sites planned for development.

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