Foley & Lardner LLP assisted Continental Properties Company, Inc., a privately held, national multifamily and commercial real estate developer and operator, on its closing of Continental Properties Real Estate Income Fund II, L.P.
The fund closed on April 20, 2021, with a total raise of $206 million of equity. The funds were used to acquire a $588 million portfolio of 10 suburban multifamily communities from 10 single asset funds sponsored by Continental Properties. The transaction provides investors in Continental’s development funds the option to achieve liquidity after the real estate developments are completed and fully leased or to diversify into a larger and geographically diverse fund.
The Foley team consisted of partners Michael Kirwan, John Wolfel, Danielle Whitley, Chris Rabil, Raj Tanden, Michael Woolever, senior counsel Neda Sharifi, of counsel Felisa Sanchez, and associates Richard Guyer and Jessica Gonzalez.