Armada Hoffler Properties Completes Sale of Charleston Student Housing Property
06 April 2022 - 12:00PM
Armada Hoffler Properties, Inc. (NYSE: AHH) announced the closing
of the sale of Hoffler Place in Charleston, South Carolina. The
disposition of the student housing property underscores the
Company’s broader strategy to focus on conventional apartment
communities when acquiring or developing multifamily assets.
“As we’ve said before, one of the strengths of a diversified
model is our ability to adjust and adapt to changing economic
dynamics,” said Louis Haddad, President & CEO of Armada Hoffler
Properties. “Based on current, favorable market conditions, our
student housing assets represent one of the most attractive sources
of capital available to fund our future growth. We look forward to
completing our strategic exit from student housing in the next few
weeks and will continue to find the most cost-effective ways to
produce the greatest returns for our shareholders.”
As detailed in previous earnings calls, Armada Hoffler
Properties is executing a strategic plan to exit the student
housing space and utilize the proceeds for new development and
acquisition opportunities centered around conventional multifamily,
mixed-use and grocery-anchored shopping center properties. Hoffler
Place was one of two remaining student housing assets in the
Company’s portfolio. The pending sale of Summit Place is
anticipated to close by the end of the month.
Located at 595 King Street, Hoffler Place caters to students
attending the nearby College of Charleston. The seven-story
building includes 74 apartment units, 258 beds and 12,000 square
feet of retail space. Armada Hoffler Properties completed
construction of the building in 2019. At the time of the sale,
Hoffler Place was 97% occupied.
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. We also provide general construction and development
services to third-party clients, in addition to developing and
building properties to be placed in our 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:Chelsea ForrestArmada Hoffler
Properties, Inc.Director of Corporate Communications and Investor
RelationsEmail: CForrest@ArmadaHoffler.com Phone: (757)
612-4248
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