Armada Hoffler Properties Completes $75 Million Sale of Baltimore Student Housing Property
18 November 2021 - 12:00PM
Armada Hoffler Properties, Inc. (NYSE: AHH) announced the closing
of the $75 million sale of student housing property Nine East 33rd
in Baltimore, Maryland. This transaction is part of a strategic
execution to exit the student housing space laid out by the company
in previous earnings calls and to provide a ready source of
inexpensive capital to fund development and acquisition
opportunities. Armada Hoffler Properties plans to continue its
strategy to invest in mixed-use assets, conventional multifamily
and grocery anchored shopping centers.
“This is the first step in executing our strategy to exit the
student housing asset class. The transaction for Nine East 33rd
allowed us to take advantage of current favorable market
conditions,” said Louis Haddad, President & CEO of Armada
Hoffler Properties.
About Armada Hoffler Properties,
Inc.
Armada Hoffler Properties (NYSE: AHH) is a
vertically-integrated, self-managed real estate investment trust
with four decades of experience developing, building, acquiring and
managing high-quality office, retail and multifamily properties
located primarily in the Mid-Atlantic and Southeastern United
States. The Company also provides general construction and
development services to third-party clients, in addition to
developing and building properties to be placed in their stabilized
portfolio. Founded in 1979 by Daniel A. Hoffler, Armada Hoffler has
elected to be taxed as a REIT for U.S. federal income tax purposes.
For more information visit ArmadaHoffler.com.
Contact:Michael P. O’HaraArmada Hoffler
Properties, Inc.Chief Financial Officer, Treasurer, and
SecretaryEmail: MOHara@ArmadaHoffler.com Phone: (757) 366-6684
Media Inquiries: Chelsea ForrestArmada Hoffler Properties,
Inc.Director of MarketingEmail : CForrest@ArmadaHoffler.com Phone :
(757) 612-4248
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