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Cottonwood Communities files for best-efforts offering

Cottonwood Communities Inc. filed a registration statement for a best-efforts offering of up to $500.0 million of common stock.

The blind-pool, nontraded REIT plans to invest primarily in existing class A multifamily communities in the U.S.

The primary offering comprises up to $450.0 million worth of shares to be offered at $10 per share and up to $50.0 million of shares to be issued under the company's distribution reinvestment plan. Orchard Securities LLC is the dealer manager for the offering.

The Salt Lake City-based company plans to qualify for REIT status beginning with the year ended Dec. 31, 2017.