Cottonwood Multifamily Opportunity Fund Reports 9% Increase from 2020 NAV to $10.64
May 3, 2021
The Board of Directors of Cottonwood Multifamily Opportunity Fund, Inc. (the “Fund”) a Regulation A+ real estate investment trust primarily focused on multifamily construction and development projects, approved an updated net asset value of $10.64 per share of the Fund’s common stock as of March 31, 2021.
The new valuation represents an approximate 9% increase from the previous NAV of $9.75 per share as of March 31, 2020, at the onset of the Covid-19 pandemic, and a 6.4% percent increase from the original purchase NAV 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, UT. 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, CEO 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.”
