This entry is sourced from Cottonwood's Exhibit 99.1 press release filed as part of an 8-K on September 4, 2026. As of the release, membership interests in one property had already been acquired (at the end of July 2026), while the merger transactions for the remaining twelve properties were expected to be completed in the coming months, subject to lender approvals, approval by members of the property-owning entities, and other closing conditions. Additional information was filed in the underlying Form 8-K referenced in the release.
Jones Lang LaSalle Securities, LLC is acting as financial advisor to Mandel on both the mergers of its multifamily portfolio and its property management platform. Robert A. Stanger & Co., Inc. is acting as financial advisor to the property-owning entities (the individual entities holding the 13 properties being contributed).
DLA Piper LLP (US) is acting as legal counsel to Cottonwood. Proskauer Rose LLP and Foley & Lardner LLP are acting as legal counsel to the property-owning entities and Mandel jointly.
The disclosed consideration is a mix of operating partnership units and cash for the contributed properties, valued at over $600 million in aggregate for the 13 properties; the release does not break out a cash/unit split percentage. Following completion of the transactions, Cottonwood will own $3.3 billion in assets, including 13,400 apartments across 16 states and 21 markets, and will provide property management for an additional 2,346 multifamily units beyond its owned portfolio. Mandel will continue operating independently, retaining ownership and asset management of approximately $900 million of assets not included in this transaction.
The release does not disclose the specific cash-versus-unit allocation of consideration, a precise aggregate purchase price beyond the "over $600 million" valuation range, or the number of Cottonwood operating partnership units to be issued. Information regarding the merger agreements and the full transaction terms was stated to be included in Cottonwood's underlying Form 8-K filed the same day, which was not independently reviewed as part of this extraction. No fee arrangements for Jones Lang LaSalle Securities or Robert A. Stanger & Co. are disclosed.