UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 15, 2013

CNL GROWTH PROPERTIES, INC.

(Exact Name of Registrant as Specified in its Charter)

450 South Orange Avenue

Orlando, Florida 32801

(Address of Principal Executive Offices; Zip Code)

Registrant’s telephone number, including area code: (407) 650-1000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

City Walk Development Project, Roswell, Georgia

On November 15, 2013, CNL Growth Properties, Inc. (“us,” “we,” “our,” or the “Company”), through a subsidiary of our operating partnership, GGT City Walk Holdings, LLC (the “CGP JV Partner”), entered into a limited liability company agreement, more fully described below (the “JV Agreement”), with LMI City Walk Investor, LLC (the “LMI JV Partner”), an affiliate of Lennar Corporation (“Lennar”), for the purpose of forming a joint venture, GGT LMI City Walk GA, LLC, a Delaware limited liability company (the “Joint Venture”).

On November 15, 2013, the Joint Venture acquired a fee simple interest in an approximately 10.7-acre parcel of land, located in Roswell, Fulton County, Georgia, an affluent and growing northern suburb of Atlanta (the “Property”) from Roswell Commons Group, L.P., (the “Seller”), by assignment from LMI Multifamily Communities, LLC, an affiliate of Lennar (“LMI”) of that certain sales contract dated effective January 10, 2013, as amended. Prior to its acquisition, the location had been rezoned and granted site plan approval to demolish existing structures. The Joint Venture will develop, construct and operate on the Property a 320-unit “Class A” multifamily residential community, consisting of five three-story residential buildings, and featuring a club room, community pool, fitness center, and business center, among its amenities (the “Project”). The Project will be known as “City Walk” (hereinafter, “Roswell City Walk”). Neither we, LMI, nor Lennar is affiliated with the Seller.

The purchase price for the Property was approximately $8.1 million. The total projected budget for the Project including the purchase price of the land, demolition and construction costs and other development costs, is approximately $46.4 million. The purchase price and related acquisition closing costs, along with certain expenses, fees and pre-development costs incurred by LMI JV Partner, were funded by the Joint Venture from the capital contributions of the CGP JV Partner and the LMI JV Partner. The balance of the development and construction costs of the Project will be funded with a construction loan in the approximate amount of $32.5 million from Regions Bank, as described below in Item 2.03 of this Current Report.

LMI JV Partner has agreed to serve as the developer of the Project under the terms of a development agreement dated November 15, 2013 (the “Development Agreement”), pursuant to which the LMI JV Partner and Lennar, as guarantor, have provided the Joint Venture with a construction cost overrun guaranty. Under the Development Agreement, the LMI JV Partner will receive a development fee equal to 3% of the final Project budget, payable in equal monthly installments during the development of the Project. LMICS, LLC, a Lennar affiliate, will serve as the general contractor of the Project (the “Contractor”), under the terms of an AIA standard form of agreement between owner and contractor dated November 15, 2013 (the “Construction Contract”). The Contractor has agreed to construct and deliver the Project for a total of approximately $29.7 million, which amount includes a general contractor’s fee equal to 4% of the cost of the work. The construction fee is payable in monthly installments over the construction period. Commencement of the Project is planned for December 2013, and the Contractor is required to achieve substantial completion not later than 18 months from the date of commencement, subject to certain excusable delays. We anticipate that the Project should achieve substantial completion in the second quarter of 2015. The first $285,000 of any construction cost savings shall revert 100% to the Contractor, and thereafter, any further cost savings will revert 75% to the Joint Venture and 25% to the Contractor. The Development Agreement and the Construction Contract each contain customary representations, warranties, insurance, indemnification, events of default, termination, dispute resolution, and other customary provisions. It is currently expected the leasing and management of Roswell City Walk will be provided by an affiliate of Lennar.

Pursuant to the JV Agreement, the CGP JV Partner agreed to fund an initial capital contribution of up to a maximum of approximately $10.4 million for a 75% interest in the Joint Venture, and the LMI JV Partner agreed to fund an initial capital contribution of up to a maximum of approximately $3.5 million for a 25% interest in the Joint Venture. Under certain circumstances, the members of the Joint Venture may be required to contribute additional capital to the Joint Venture. We, through the CGP JV Partner, are the managing member of the Joint Venture. However, we have delegated to the LMI JV Partner the authority to manage certain of the day-to-day operations of the Joint Venture, subject to our approval of certain major decisions that require the consent of both members, and further subject to our right to terminate such delegation of authority, with or without cause, as determined in the JV Agreement. In the event of the removal the LMI JV Partner as the operating partner for cause, the LMI JV Partner will cease to have any rights to approve or consent to any matters under the JV Agreement.

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Generally, under the terms of the JV Agreement, operating cash flow will be distributed to the CGP JV Partner and to the LMI JV Partner on a pro rata basis in accordance with their respective percentage interests in the Joint Venture. Upon the occurrence of a major capital event, such as a sale of the Property or refinancing of the Construction Loan, proceeds will be distributed pro rata until accrued and unpaid minimum cumulative operating returns on capital equal to 10.5% per annum are achieved and invested capital is returned. Thereafter the LMI JV Partner may receive a disproportionately higher share of remaining proceeds at varying percentages based on our having received certain minimum threshold returns.

The JV Agreement also provides that at any time after two years following the completion of the Project, the CGP JV Partner may cause the marketing and sale or other transfer of the Property, in which event, the LMI JV Partner may elect to agree to such marketing and sale or to purchase the CGP JV Partner’s interest for a price based on the proposed sale price.

Founded in 1954, Lennar is a Miami-based homebuilding company with a current market capitalization of over $7 billion. LMI was founded in 2011 as an initiative to combine the financial strength of Lennar, currently the third-largest homebuilder in the United States, with the onset of increasingly favorable apartment fundamentals nationwide. We are not affiliated with Lennar, LMI, the LMI JV Partner or any of their other affiliates; and this Project is our first development venture with Lennar.

The information appearing in Item 2.03 of this Current Report is incorporated by reference herein and made a part of this Item 1.01.

City Walk Development Project - Financing

On November 15, 2013, the Joint Venture entered into a construction loan agreement and promissory note with Regions Bank (the “Lender”). Pursuant to the loan agreement, the promissory note, deed to secure the debt, and the other documents evidencing and securing the Loan (the “Loan Documents”) the Lender will fund up to approximately $32.5 million of the development and construction costs of the Project, subject to certain loan-to-value ratio and loan-to-costs ratio limits (the “Construction Loan”).

During the 36-month initial term, the Construction Loan will accrue interest at the variable interest rate per annum of 2.20% above the one-month LIBOR rate (the “LIBOR Rate”). The interest rate is subject to adjustment monthly, with adjustments becoming effective on the first business day of each calendar month, based on the latest one-month LIBOR rate as published in the “Money Rates” column of The Wall Street Journal two days prior to the adjustment determination.

Accrued interest on the Construction Loan is due and payable monthly commencing December 1, 2013, with all accrued and unpaid interest due at maturity. The outstanding principal balance of the Construction Loan is due and payable in a single payment at maturity. The Construction Loan has an initial term of three years, with two additional 12-month extensions, each subject to prior notice, satisfaction of certain debt service coverage ratios, and other conditions, and the payment of a loan extension fee of 0.25% for each extension, based on the then outstanding unpaid principal balance of the Construction Loan. In the event that the Joint Venture exercises an extension option, monthly payments of principal and accrued interest will be required, based on a 30-year repayment amortization schedule or 29-year repayment amortization schedule for second extension option, and an assumed interest rate of 6.0%. In the event of two extensions of the initial term, the estimated outstanding principal balance of the Construction Loan would be approximately $31.7 million at maturity. The Construction Loan may be prepaid at any time without fee, penalty or premium, with notice and all applicable payments. In the event of a default, the Construction Loan will bear interest at the then current rate plus 5%, such amount not to exceed the highest rate authorized by applicable law.

The Loan Documents require the commencement of the Project within 60 days of the closing date, and the completion of construction by August 15, 2015, subject to delays for certain unforeseeable events. The Loan Documents contain affirmative, negative and financial covenants, agreements, representations, warranties, borrowing conditions, and events of default customary for development projects such as the Project. Affiliates of

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Lennar have provided absolute, irrevocable and unconditional completion, and loss guaranties to the Lender. The Joint Venture and an affiliate of Lennar have provided the Lender with an environmental indemnity. The Construction Loan is secured under a deed to secure debt by the Property and all improvements to be constructed thereon and an assignment of rents, and a letter of credit in the amount of approximately $2.4 million issued by Citibank, N.A. and naming Lender as the sole beneficiary.

Cautionary Note Regarding Forward-Looking Statements

Statements contained herein that are not statements of historical or current fact may constitute “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 harbor created by 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 in connection with discussions of future operating or financial performance, business strategy and portfolios, projected growth prospects, cash flows, costs and financing needs, legal proceedings, amount and timing of anticipated future distributions, estimated per share net asset value of the Company’s common stock, and/or other matters. The Company’s forward-looking statements are not guarantees of future performance. While the Company’s management believes its forward-looking statements are reasonable, such statements are inherently susceptible to uncertainty and changes in circumstances. As with any projection or forecast, forward-looking statements are necessarily dependent on assumptions, data and/or methods that may be incorrect or imprecise, and may not be realized. The Company’s forward-looking statements are based on management’s current expectations and a variety of risks, uncertainties and other factors, many of which are beyond the Company’s ability to control or accurately predict. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, the Company’s actual results could differ materially from those set forth in the forward-looking statements due to a variety of risks, uncertainties and other factors. Given these uncertainties, the Company cautions you not to place undue reliance on such statements.

Important factors that could cause the Company’s actual results to vary materially from those expressed or implied in its forward-looking statements include, but are not limited to, government regulation, economic, strategic, political and social conditions, and the following: risks associated with the Company’s 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 the Company’s offering of its Shares, including the limited number of investments made; the Company’s failure to obtain, renew or extend necessary financing or to access the debt or equity markets; the use of debt to finance the Company’s business activities, including refinancing and interest rate risk and the Company’s failure to

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comply with debt covenants; the Company’s inability to identify and close on suitable investments; failure to successfully manage growth or integrate acquired properties and operations; the Company’s inability to make necessary improvements to properties on a timely or cost-efficient basis; risks related to property expansions and renovations; risks related to development projects or acquired property value-add conversions, if applicable, including construction delays, cost overruns, the Company’s inability to obtain necessary permits, and/or public opposition to these activities; competition for properties and/or tenants; defaults on 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 the Company’s properties; the impact of changes in accounting rules; the impact of regulations requiring periodic valuation of the Company on a per share basis; inaccuracies of the Company’s accounting estimates; unknown liabilities of acquired properties or liabilities caused by property managers or operators; material adverse actions or omissions by any joint venture partners; consequences of the Company’s net operating losses; increases in operating costs and other expenses; uninsured losses or losses in excess of the Company’s insurance coverage; the impact of outstanding and/or potential litigation; risks associated with the Company’s tax structuring; failure to qualify for and maintain the Company’s qualification as a REIT for federal income tax purposes; and the Company’s inability to protect its intellectual property and the value of its brand.

For further information regarding risks and uncertainties associated with the Company’s business, and important factors that could cause the Company’s actual results to vary materially from those expressed or implied in its forward-looking statements, please refer to the factors listed and described under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the “Risk Factors” sections of the Company’s documents filed from time to time with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s quarterly reports on Form 10-Q, and the Company’s annual report on Form 10-K, copies of which may be obtained from the Company’s website at http://www.CNLGrowthProperties.com.

All written and oral forward-looking statements attributable to the Company or persons acting on its behalf are qualified in their entirety by this cautionary note. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to, and expressly disclaims any obligation to, publicly release the results of any revisions to its forward-looking statements to reflect new information, changed assumptions, the occurrence of unanticipated subsequent events or circumstances, or changes to future operating results over time, except as otherwise required by law.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.