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CNL Growth to make $121M final liquidating cash distribution

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CNL Growth to make $121M final liquidating cash distribution

CNL Growth Properties Inc.'s board declared a final liquidating cash distribution of $5.35 per share, or $120.7 million in the aggregate, as part of its dissolution plan.

The company will make the distribution on or around Oct. 24 to common stockholders of record as of the close of business Oct. 17.

On Oct. 17, CNL Growth transferred certain remaining assets and liabilities to Global Growth Advisors LLC, its adviser. The transferred assets included certain membership interests in GGT Spring Town TX — a Delaware limited liability company that was set up to buy, develop and operate real estate — and the Modera Spring Town Center apartment complex.

The company will file on or about Oct. 31 its articles of dissolution with Maryland's State Department of Assessments and Taxation, upon which it will be legally dissolved and its outstanding common shares will be cancelled, according to a filing.