Which nontraded REIT purchased an apartment complex in West Palm Beach, Florida, in May 2019 and survived the passing of Hurricane Dorian on September 3, 2019, unscathed?
Answer: Cottonwood Communities, Inc., a nontraded REIT program, purchased the 256-unit apartment community in May 2019 for $67.0 million. The complex was completed in 2018. The property is seven miles inland, west of the Atlantic beaches.
