CNL Growth Properties Inc. said that Everest REIT Investors I LLC's offer for 1.1 million of the company's shares of common stock expired Oct. 4.

Everest REIT received about 46,485 validly tendered shares, which were all accepted for payment. In total, the purchaser owns 85,304 CNL Growth common shares, or approximately 0.38% of the company's outstanding shares, according to a filing.

The tender was launched in mid-August at an offer price of $7 per share, and was reduced to $4.65 apiece later in the month. CNL Growth's board in early September recommended stockholders to reject the bid.