Foley & Lardner LLP has acted as deal counsel to Continental Properties Company, Inc. (“Continental Properties”), a leading national multifamily and commercial real estate developer, owner, and operator, on its closing of Continental Properties Real Estate Income Funds III and IV. The closed-end funds placed 100% of committed capital on Dec. 21, 2021, to acquire two portfolios consisting of 14 apartment communities developed by Continental Properties with an aggregate value of $1 billion.
Fund III and Fund IV are comprised of high-quality, newly constructed suburban multifamily communities with proven operating performance. The closings follow on the heels of Continental Properties Real Estate Income Fund I, L.P., which closed in November 2019 with $159 million of equity and a total portfolio of $598 million, and Continental Properties Real Estate Income Fund II, L.P., which closed in April 2021 with $206 million of equity and a total portfolio value of $588 million. Funds I and II were also advised by Foley.
The cross-office Foley deal team was led by Jacksonville Partner Michael Kirwan and included Partners Raj Tanden, Danielle Whitley, and Chris Rabil, Of Counsel Felisa Sanchez, and Associates Richard Guyer and Ashley May.
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