Orlando, Fla. (PRWEB) January 22, 2013
Global Growth Trust, a real estate investment trust (REIT) focused on providing capital appreciation for investors, has formed a joint venture with Trinsic Residential Group to develop an estimated $32 million Class A, garden-style apartment community in Katy, Texas, on the west side of Houston.
The community, Aura Grand Corners, will be the fifth multifamily development Global Growth Trust has undertaken in the past year, with other communities in development near Dallas, Charlotte, N.C. and Tampa, Fla. The company has committed approximately $167.3 million in these five projects. Additionally, Global Growth Trust recently completed a 258-unit project in Mount Pleasant, S.C., near Charleston, representing a total investment commitment of nearly $195 million in multifamily development for the REIT.
“We continue to see opportunities for our investors in multifamily development, especially as a growing number of people find renting in high-quality communities such as Aura Grand Corners to be more attractive than home ownership,” said Andy Hyltin, president and CEO of Global Growth Trust. “Population centers such as these continue to attract new residents and to see increased demand for new development.”
Aura Grand Corners will contain 291 units on 14.45 acres. The site is part of Grand Lakes, a master-planned community that encompasses more than 1,250 acres and is regarded as a premier neighborhood in Katy. The property is located at the northeast corner of Grand Parkway, the major north/south thoroughfare in Katy, and the Westpark Tollway, a major east/west road that provides access to downtown Houston.
The project will include one-, two-, and three-bedroom floor plans with an average unit size of 931 square feet. The community will feature a clubhouse, business center, fitness center, dog park, a resort-style swimming pool, and attached and detached garages.
Trinsic Residential Group, a privately held real estate company based in Dallas, will serve as the project’s developer and general contractor. The company develops upscale multifamily housing in infill and suburban locations, primarily in major Texas markets. Collectively, the company’s senior management has developed or acquired approximately 19,000 units worth more than $2 billion.
This is the second joint development project for Global Growth Trust and Trinsic Residential Group. Last month, they announced they would be building Aura Castle Hills, a 316-unit, $34.9 million multifamily project outside of Dallas.
“Trinsic Residential Group is a well-respected developer in Texas, with a deep knowledge of the market dynamics in the communities in which they work,” said Hyltin. “We look forward to strengthening our relationship with them through the development of these new communities.”
Financial advisors can contact the managing dealer of the REIT, CNL Securities, member FINRA/SIPC, at (866) 650-0650 (http://www.cnlsecurities.com).
Global Growth Trust is advised by CNL Global Growth Advisors, LLC, which is an affiliate of the REIT’s sponsor, CNL Financial Group.
About Global Growth Trust
Global Growth Trust is a non-traded real estate investment trust with a focused growth philosophy. It intends to take advantage of opportunities in the commercial real estate market. With a flexible investment strategy, the REIT is able to target assets it believes provide the greatest opportunity for growth and capital appreciation. For more information, visit http://www.GrowthTrust.com.
About CNL Financial Group
CNL Financial Group (CNL) is a leading private investment management firm providing global real estate and alternative investments. Since inception in 1973, CNL and/or its affiliates have formed or acquired companies with more than $26 billion in assets. CNL is headquartered in Orlando, Florida. For more information, visit http://www.cnl.com.
Caution Concerning Forward-Looking Statements
The information above contains “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements that do not relate strictly to historical or current facts, but reflect management's current understandings, intentions, beliefs, plans, expectations, assumptions and/or predictions regarding the future of the Company's business and its performance, the economy, and other future conditions and forecasts of future events, and circumstances. Forward-looking statements are typically identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” “continues,” “pro forma,” “may,” “will,” “seeks,” “should” and “could,” and words and terms of similar substance. Although we believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, our actual results could differ materially from those set forth in the forward-looking statements due to a variety of risks, uncertainties and other factors. Some factors that might cause such a difference include, but are not limited to, the following: risks associated with our investment strategy; a worsening economic environment in the U.S. or globally, including financial market fluctuations; risks associated with real estate markets, including declining real estate values; risks associated with the limited amount of proceeds raised in our offering and as a result, the limited number of investments made; our failure to obtain, renew or extend necessary financing or to access the debt or equity markets; the use of debt to finance our business activities, including refinancing and interest rate risk and our failure to comply with debt covenants; our ability to identify and close on suitable investments; failure to successfully manage growth or integrate acquired properties and operations; risks related to development projects or acquired property value-add conversions, including construction delays and cost overruns; inability to obtain necessary permits and/or public opposition to these activities; our ability to make necessary improvements to properties on a timely or cost-efficient basis; competition for properties and/or tenants; defaults or non-renewal of leases by tenants; failure to lease properties on favorable terms or at all; the impact of current and future environmental, zoning and other governmental regulations affecting our properties; the impact of changes in accounting rules; the impact of regulations requiring periodic valuation of the Company on a per share basis; material adverse actions or omissions by any joint venture partners; consequences of our net operating losses; increases in operating costs and other expenses; uninsured losses or losses in excess of our insurance coverage; the impact of outstanding and/or potential litigation; unknown liabilities of acquired properties or liabilities caused by property managers or operators; inaccuracies of our accounting estimates; risks associated with our tax structuring; failure to maintain our REIT qualification; and our ability to protect our intellectual property and the value of our brand. Given these uncertainties, we caution you not to place undue reliance on such statements. For further information regarding risks and uncertainties associated with our business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of our documents filed from time to time with the U.S. Securities and Exchange Commission, including, but not limited to, our annual report on Form 10-K and quarterly reports on Form 10-Q, and our registration statement on Form S-11 and the sticker supplements and amendments thereto, copies of which may be obtained from our Web site at http://www.growthtrust.com.
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