Continental Realty Fund V closes after raising $210.8m
Continental Realty Corporation closed its Continental Realty Fund V after raising $210.8m in private equity funds. The fund will acquire value-add multifamily apartment communities and retail properties located throughout the Mid Atlantic and Southeast regions of the US. The fund has already purchased Governors Commons, a 130,000 sq ft retail center in Anne Arundel County, Maryland; Seven Hills Plaza, a 87,250 sq ft retail center north of Tampa; The Shoppes at Pelican Preserve, a 70,000 sq ft retail asset in Fort Myers, Florida, and The Village Apartments, a 300-unit apartment complex in Raleigh, North Carolina.
“Fund V provides our team continuing capacity to acquire assets in sections of the country where we have tremendous familiarity and market knowledge, with a priority of acquiring value-add properties that deliver strong risk-adjusted returns to our investors throughout all market cycles,” said J.M. Schapiro, CEO of Continental Realty Corporation. “We intend to reward the confidence and trust of our investors and further strengthen these relationships with the acquisition of opportunities that match the value-add characteristics of the real estate fund."