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Cottonwood Communities upsizes best-efforts offering

Cottonwood Communities Inc. increased its best-efforts offering to up to $750.0 million of common shares from an earlier target of as much as $500 million of shares.

The upsized offering comprises a primary offering of up to $675.0 million of shares at $10.00 apiece, without any upfront investor costs or expenses, and as much as $75.0 million of shares pursuant to the company's distribution reinvestment plan at an initial price of $10.00 apiece, according to a filing.

The company expects to use substantially all the proceeds from the offering to invest primarily in existing multifamily communities across the U.S. and multifamily real estate-related assets. The company is externally managed by Cottonwood Communities Management LLC, an affiliate of its sponsor, Cottonwood Residential Inc.

The blind-pool company said it will seek to become a real estate investment trust, starting with the taxable year ending Dec. 31, 2018, which the board may extend to Dec. 31, 2019.