Armada Hoffler Completes $150 Million Sale of The Residences at Annapolis Junction at a 4.15% Exit Cap Rate
25 Juli 2022 - 12:00PM
Armada Hoffler (NYSE: AHH) successfully completed the sale of The
Residences at Annapolis Junction, a 416-unit suburban mid-rise
apartment community in Howard County, Maryland for $150 million.
The transaction closed on July 22, 2022.
“With the sale of The Residences at Annapolis Junction, I am
pleased to report that we’ve successfully completed the disposition
of $177 million of noncore assets at a blended 4.1% exit cap rate,”
said Lou Haddad, President and CEO of Armada Hoffler. “Last
quarter, we set a goal of selling up to $200 million of noncore
assets at cap rates in the mid 4% cap range. In less than three
months’ time, we not only achieved, but exceeded our price target.
More importantly, the proceeds generated from these noncore asset
sales will satisfy our equity needs for the remainder of the year
and probably well beyond. These transactions allow us to execute on
our current development pipeline without accessing the capital
markets.”
The Company completed construction of The Residences at
Annapolis Junction in 2017. The LEED Gold certified property was
97% occupied at the time of sale.
About Armada Hoffler Armada
Hoffler (NYSE: AHH) is a vertically-integrated, self-managed real
estate investment trust with over 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 HofflerDirector
of Corporate Communications and Investor RelationsEmail:
CForrest@ArmadaHoffler.com Phone: (757) 612-4248
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