MILWAUKEE, Wis. — In a challenging real estate market, Continental Properties has shown resilience and adaptability. Despite a 56% year-over-year decline in annual multifamily housing starts as of Q2 2024, driven by tighter lending conditions and rising construction and operating costs, Continental will break ground on 3,517 homes across 13 apartment communities nationwide. This achievement reflects Continental’s proven approach, combining strong financial discipline, strategic planning, and the ability to deploy branded communities that thrive in any market condition. This year marks the second-highest annual groundbreaking total in Continental's history, showcasing its expertise in development, construction, and operations, as well as its agility across a wide geographic footprint, reaffirming its position as a top performer in the real estate industry.
Since its founding in 1979, Continental has been a leader in the development and operation of rental home communities, retail, and hospitality properties. To date, the company has developed 133 apartment communities, totaling more than 35,000 homes across 20 states. This year’s groundbreaking efforts reflect Continental’s long-term confidence in the housing market, as the company strategically focuses on building to meet future demand. As today’s oversupply turns to future shortages, Continental is well-positioned to address housing needs as conditions improve and demand increases in 2026 and beyond.
The new developments include seven Springs Apartments, five Authentix Apartments, and a three-story, transit-oriented apartment community called Lake Cook Crossing, set to break ground in mid-October in Deerfield, Illinois. Located across Continental’s markets, these apartment communities aim to tackle affordability challenges and meet the growing demand for attainable housing needed by middle-income families. The communities are as follows:
"Our groundbreaking activity in 2024 represents a significant achievement for Continental Properties, especially considering current market dynamics," said Ed Madell, Continental’s Chief Financial Officer. “Our final groundbreaking of 2024 comes on the heels of announcing the closing of our third real estate development fund, Continental Properties Real Estate Development Fund III, L.P., underscoring the effectiveness of our investment strategy. At Continental, we remain dedicated to creating vibrant, high-quality communities that meet the evolving needs of our residents and driving long-term value for our investors.”
The company’s strategic focus on suburban, middle-income developments has been driven by favorable long-term demographic trends and the increasing cost of homeownership, both of which continue to support the growing demand for rental housing. Continental’s ability to execute in the face of economic uncertainty demonstrates its agility and steadfast commitment to its mission of building communities that enhance people’s lives.
"While other companies may view the current market as challenging, we see opportunity,” said Kim Grimm, Continental’s Chief Development & Construction Officer. “Our latest groundbreakings coincide with Continental’s 45th anniversary, reflecting nearly half a century of growth, market insight, and disciplined investment strategies that continue to guide our unique approach to real estate development. The need for new, quality rental housing has never been greater, and we are committed to increasing housing availability and providing rental options for individuals and families across the country."
“As Continental Properties enters its 46th year, our outlook for future opportunity and success remains as bright as ever,” said Jim Schloemer, Co-Founder and CEO of Continental Properties and Chairman of the National Multifamily Housing Council (NMHC). “This year’s groundbreaking activity and the launch of our third real estate development fund represent significant milestones in what has already been an extraordinary journey for the company. With a strong pipeline of attractive projects on the horizon, Continental Properties is well-positioned to continue leading the charge to provide rental home communities for working individuals, families, and seniors for years to come.”
About Continental Properties
Continental Properties is a national developer and operator of rental home communities, retail, and hospitality properties. Since its inception in 1979, Continental Properties has developed 133 apartment communities encompassing more than 35,000 apartment homes in 20 states.