CNL Growth Properties Inc., one of several non-traded REITs managed by Orlando-based CNL Financial Group, has decided to liquidate all of its multifamily properties and dissolve the company after completing a review of strategic options.
In a letter to shareholders CNL said it planned to maximize stockholder value by selling all of its assets, paying off its debts and distributing the net proceeds to stockholders. The nontraded REIT’s board approved the plan after reviewing other alternatives. Stockholders still must approve the plan.
CBRE’s Capital Markets division presented the board information regarding the estimated range of values per share to be received under a liquidation.