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<\/p>\nOctober 21, 2021 | James Sprow | Blue Vault<\/p>\n
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The following is from an October 20 8-K filing by Cottonwood Communities:<\/p>\n
\u201cAs of September 30, 2021, we have an ownership interest or structured investment interest in 33 multifamily apartment communities in 13 states with 9,746 units, including 1,373 units in four multifamily apartment communities in which we have a structured investment interest and another 1,079 units in four multifamily apartment communities under construction. In addition, we have an ownership interest in two properties planned for development. We also manage approximately 13,400 apartment units, including approximately 7,300 units owned by us, and are currently leasing up a 341-unit development project.\u201d<\/p>\n
\u201cFor the month ended September 30, 2021, the NAV for all of CCI\u2019s classes of common stock as well as its Operating Partnership was $15.4799, a 20.1% increase over the prior month\u2019s NAV of $12.8855. The continued price movement is reflective of observed increases in the values of multifamily assets across the country, particularly in many of the growth markets where we have investments. Cap rates have moved favorably. Rental rates across our portfolio of operating properties have also grown substantially over the course of the year, with significant growth in recent months. The table below highlights trends in lease rates for newly signed leases versus prior leases (\u201cLease Tradeouts\u201d) as well as renewal rates in our portfolio of assets during 2021.\u201d<\/p>\n
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\u201cOur board of directors, including a majority of our independent directors, has adopted valuation procedures, as amended from time to time, that contain a comprehensive set of methodologies to be used in connection with the calculation of our NAV. The September 30, 2021, NAV for our outstanding Class A and Class TX shares was calculated pursuant to these valuation procedures.\u201d \u201cWe have no outstanding Class T, Class D or Class I shares as of the date of this report. Until we sell shares of these classes, we will deem the NAV per share of these classes to be the NAV per share of our Class A and Class TX shares.\u201d<\/p>\n
\u201cWe expect that generally, within 15 calendar days after the last calendar day of each month, we will determine and disclose our NAV per share for each share class as of the last calendar day of the prior month. This NAV will be posted when available on our website at cottonwoodcommunities.com and in prospectus supplements or a Current Report on Form 8-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d).\u201d<\/p>\n
Source: SEC<\/em><\/p>\n The following is from an October 20 8-K filing by Cottonwood Communities:<\/p>\n \u201cAs of September 30, 2021, we have an ownership interest or structured investment interest in 33…<\/p>\n","protected":false},"author":3464,"featured_media":8857,"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":[3010,2857,2817,2964],"tags":[],"class_list":["post-148454","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asset-manager-news","category-cottonwood","category-multifamily","category-nav"],"acf":[],"yoast_head":"\n<\/div>","protected":false},"excerpt":{"rendered":"