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Cottonwood Communities passes minimum offering threshold in most states

Cottonwood Communities Inc., as of Dec. 18, has received enough gross offering proceeds in its IPO to satisfy the $2.0 minimum offering amount in all states where it is carrying out its IPO except Kansas, Ohio, Pennsylvania and Washington.

As such, the Salt Lake City-based nontraded real estate investment trust broke escrow with respect to subscriptions received from those states.