{"id":12181,"date":"2017-01-24T10:27:03","date_gmt":"2017-01-24T15:27:03","guid":{"rendered":"https:\/\/qa.bluevaultpartners.com\/?post_type=news&p=12181"},"modified":"2017-01-24T10:27:03","modified_gmt":"2017-01-24T15:27:03","slug":"cnl-growth-properties-inc-agrees-to-sell-oxford-square-property-and-will-announce-nav","status":"publish","type":"post","link":"https:\/\/qa.bluevaultpartners.com\/cnl-growth-properties-inc-agrees-to-sell-oxford-square-property-and-will-announce-nav\/","title":{"rendered":"CNL Growth Properties, Inc. Agrees to Sell Oxford Square Property and Will Announce NAV"},"content":{"rendered":"

\"newsalert\"<\/strong><\/h1>\n

CNL Growth Properties, Inc. Agrees to Sell Oxford Square Property and Will Announce NAV<\/strong><\/h1>\n

January 24, 2017 | James Sprow | Blue Vault<\/p>\n

\"Condo<\/p>\n

On January\u00a018, 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\u00a028, 2017.<\/p>\n

On January\u00a05, 2017, the Company sent a correspondence to\u00a0financial advisors and broker dealers that participated in the Company\u2019s public offerings notifying them the\u00a0Company (i)\u00a0engaged CBRE,\u00a0Inc., an independent appraisal firm to assist the Company with it’s valuation and an estimation of the net asset value (\u201cNAV\u201d) per share of the Company\u2019s common stock as of December\u00a031, 2016, (ii)\u00a0anticipates announcing on or about January\u00a026,\u00a02017 the estimated NAV per\u00a0share of the\u00a0Company\u2019s common stock as of December\u00a031, 2016, and (iii)\u00a0will hold a webinar on January\u00a030, 2017, at\u00a03:00 p.m., Eastern Time, to present the estimated 2016 NAV.<\/p>\n

On June 17, 2016, the Company filed a plan of liquidation and dissolution and on August 4, 2016, the Company\u2019s 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.<\/p>\n

 <\/p>\n

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CNL Growth Properties, Inc. Agrees to Sell Oxford Square Property and Will Announce NAV January 24, 2017 | James Sprow | Blue Vault On January\u00a018, 2017, CNL Growth Properties, Inc. … <\/p>\n

Read more<\/a><\/p>\n","protected":false},"author":1824,"featured_media":8349,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[3010,2744],"tags":[],"class_list":["post-12181","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asset-manager-news","category-topic"],"acf":[],"yoast_head":"\nCNL Growth Properties, Inc. 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