Cottonwood REIT Reports Updated NAV, Sells First Shares in Private Preferred Stock Offering

Cottonwood Communities Inc., a publicly registered non-traded real estate investment trust focused on multifamily real estate investments, has reported its monthly net asset value per share/unit of its common stock and operating partnership units, as of Jan. 31, 2023.

At the close of January 2023, the NAV per share was approximately $19.22, compared to $19.58 the previous month. Shares were originally priced at $10.00 each plus applicable selling commissions and fees. Total NAV decreased from approximately $1.314 billion as of Dec. 31, 2022 to approximately $1.289 billion as of Jan. 31, 2023.

The REIT had 67,054,318 shares outstanding at the end of January, approximately 73,000 fewer than at the close of December 2022.

Additionally, the company revealed in a filing with the Securities and Exchange Commission that it completed the first sales in its private offering of Series 2023 Preferred Stock during the second week of February. The private offering was launched on December 12, 2022 and seeks to raise up to $100 million.  Initial sales totaled 697,000 shares at $10 each, for a total of $6.97 million, net of fees and selling commissions, which totaled $627,300.

Cottonwood Communities, as of Sept. 30, 2022, held interests in 33 multifamily apartment communities with a total of 9,620 units, including 1,073 units in three multifamily apartment communities in which they have a structured investment interest and another 738 units in three multifamily apartment communities under construction or recently completed and in lease-up. In addition, they have an ownership interest in four land sites planned for development.

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