CNL Growth Properties, Inc. Agrees to Sell Oxford Square Property and Will Announce NAV
January 24, 2017 | James Sprow | Blue Vault
On January 18, 2017, CNL Growth Properties, Inc. together with a joint venture agreed to sell Oxford Square, a 248-unit multifamily residential community, for approximately $65.7 million. The purchaser is the Howard County Housing Commission, a public body and housing authority of the State of Maryland. The buyer can terminate the agreement on or before February 1, 2017 if the buyer is unable to access the municipal bond market to finance the acquisition on terms acceptable to the buyer on or before January 31, 2017. CNL Growth Properties, Inc. currently anticipates the consummation of the sale will occur on or about February 28, 2017.
On January 5, 2017, the Company sent a correspondence to financial advisors and broker dealers that participated in the Company’s public offerings notifying them the Company (i) engaged CBRE, Inc., an independent appraisal firm to assist the Company with it’s valuation and an estimation of the net asset value (“NAV”) per share of the Company’s common stock as of December 31, 2016, (ii) anticipates announcing on or about January 26, 2017 the estimated NAV per share of the Company’s common stock as of December 31, 2016, and (iii) will hold a webinar on January 30, 2017, at 3:00 p.m., Eastern Time, to present the estimated 2016 NAV.
On June 17, 2016, the Company filed a plan of liquidation and dissolution and on August 4, 2016, the Company’s shareholders approved the plan of dissolution. As of September 30, 2016, the Company owned interests in ten Class A multifamily properties, nine of which were operational. The Company had a total of 2,800 completed apartment units as of that date. Since September 30, 2016, the Company has sold three multifamily properties with a total of 860 units for a combined sale price of $126.7 million.
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