Cottonwood Multifamily Opportunity Fund Inc., a Regulation A+ real estate investment trust primarily focused on multifamily construction and development projects, has declared a net asset value per share of $10.64 as of March 31, 2021.
The new valuation represents an approximate 9 percent increase from the previous NAV of $9.75 per share as of March 31, 2020 and a 6.4 percent increase from the original purchase price of $10.00 per share.
The fund owns an interest in three multifamily development projects – Park Avenue, Cottonwood on Broadway, and Block C – all located in Salt Lake City, Utah. As of year-end 2020, a total of $39.2 million has been invested towards the projects.
Park Avenue is the furthest along in construction and is expected to be completed during the fourth quarter of 2021 with a total of 234 units. It will be comprised of a mix of studio, one-bedroom, and two-bedroom units with an average size of 711 square feet. Amenities will include a fitness center, clubhouse, pool and lounge area.
Cottonwood on Broadway is expected to be completed during the second quarter of 2022, and Block C is expected to break ground during 2022.
“We are excited about the progress we have made with these development projects,” said Daniel Shaeffer, chief executive officer of the fund. “Given the steady increase in Utah’s population over the past decade, and being named the fastest growing state based on recently released 2020 census data, we feel well positioned. Cottonwood’s roots are here in Salt Lake City and we look forward to delivering these new apartment communities.”
Cottonwood Multifamily Opportunity Fund fully subscribed its $50 million offering in June 2019.