Armada Hoffler Completes Strategic Exit From Student Housing Space With Sale of Charleston Property
26 April 2022 - 12:00PM
Armada Hoffler Properties, Inc. (NYSE: AHH) successfully completed
its strategic exit from the student housing space by closing the
sale of Summit Place in Charleston, South Carolina. The disposition
of the student housing property marks the final sale in the asset
class, underscoring the Company’s broader strategy to focus on
conventional apartment communities when acquiring or developing
multifamily assets.
“The Summit Place transaction allows us to fully
shift our focus and resources on new investment and development
opportunities in conventional multifamily, mixed-use and retail,”
said Louis Haddad, President & CEO of Armada Hoffler
Properties. “We are well-positioned to move quickly on such
opportunities in our target markets. Producing the greatest returns
for our shareholders with the lowest cost of capital remains our
top priority going forward.”
As detailed in previous earnings calls, Armada
Hoffler Properties is utilizing the proceeds for development and
acquisition opportunities centered around conventional multifamily,
mixed-use and grocery-anchored shopping center properties.
Completed by Armada Hoffler Properties in the third
quarter of 2020 at the corner of Spring and Lee streets, Summit
Place is a five-story building with 357 beds and an amenity
offering on par with Class A conventional apartment communities. It
caters to students attending the College of Charleston, which is
located one mile from the property.
Earlier this month, Armada Hoffler Properties
announced the closing of the sale of Hoffler Place, also in
Charleston. Hoffler Place and Summit Place were the company’s last
remaining student housing assets.
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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