Continental Realty Corp. has closed on its fifth fund after raising about $210.8 million in private equity funds, targeting a multifamily and retail portfolio throughout the Mid-Atlantic and Southeast. The vehicle, called Continental Realty Fund V, LP, raised funds from an array of institutional investors, investment advisors, high net-worth individuals, foundations and endowments, according to the company.
The strategy aims to acquire a diversified array of value-add apartment communities and retail properties. Continental has already picked up one multifamily community and three retail centers on behalf of the fund. The multifamily asset is The Village Apartments, a 300-unit community in Raleigh, N.C. that Continental acquired from LivCor for $51.7 million last November, according to Yardi Matrix data.
The retail properties include shopping centers in Anne Arundel County, Md., Tampa, Fla., and the Fort Myers, Fla., area. J.M. Schapiro, CEO of Continental Realty, noted in a statement that the company would continue to focus on value-add acquisitions that deliver strong risk-adjusted returns.
Continental Realty owns and manages a real estate portfolio valued at more than $2 billion, including roughly 10,000 apartment homes and more than 4 million square feet of retail space nationwide. The company purchased Solis Ballantyne, a 194-unit community in Charlotte, N.C., from Federal Capital Partners and Terwilliger Pappas Multi-Family Partners last December. The asset changed hands for $44.2 million.