Home Alts News Cottonwood Multifamily REIT I Increases NAV Per Share

Cottonwood Multifamily REIT I Increases NAV Per Share

The board of Cottonwood Multifamily REIT I Inc., a Regulation A+ real estate investment trust, approved an updated net asset value for the company’s common stock.

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The board of Cottonwood Multifamily REIT I Inc., a Regulation A+ real estate investment trust, approved an updated net asset value of $11.01 for the company’s common stock as of December 31, 2017.

The new valuation represents a 1.5 percent increase from the previous NAV per share of $10.85, and a 10.1 percent increase from the original NAV of $10.00 per share.

Additionally, the board approved a policy change where net asset value will be calculated on an annual basis, rather than quarterly.

Shares of the offering were originally sold for $10.00 each, and the current distribution rate remains unchanged at $0.575 per share on an annualized basis.

Cottonwood Multifamily REIT I owns a portfolio of three multifamily properties located in the southern United States purchased for a combined $140.9 million. The REIT owns a 90 percent interest in the properties, which were purchased in joint ventures with affiliate Cottonwood Residential O.P LP.

Cottonwood Multifamily REIT I commenced its $50 million private offering in May 2016 and had sold all 5 million shares of its common stock by April 2017.

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