Armada Hoffler Properties Completes $75 Million Sale of Baltimore Student Housing Property

Rhea-AI Summary

Armada Hoffler Properties, a real estate investment trust, has successfully closed the $75 million sale of its student housing property, Nine East 33rd in Baltimore, Maryland. This move is part of a strategic initiative to exit the student housing sector, allowing the company to capitalize on favorable market conditions. The proceeds from the sale will be utilized to fund further development and acquisition opportunities, focusing on mixed-use assets and conventional multifamily properties.

Positive

• Completed $75 million sale of Nine East 33rd property.
• Strategic exit from the student housing market to enhance capital for future investments.
• Focus on mixed-use assets and conventional multifamily properties.

Negative

• None.

VIRGINIA BEACH, Va., Nov. 18, 2021 (GLOBE NEWSWIRE) -- 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’Hara
Armada Hoffler Properties, Inc.
Chief Financial Officer, Treasurer, and Secretary
Email: MOHara@ArmadaHoffler.com
Phone: (757) 366-6684

Media Inquiries:
Chelsea Forrest
Armada Hoffler Properties, Inc.
Director of Marketing
Email : CForrest@ArmadaHoffler.com
Phone : (757) 612-4248

FAQ

What was the sale price of Nine East 33rd by Armada Hoffler Properties?

Armada Hoffler Properties sold Nine East 33rd for $75 million.

What is the strategic plan following the sale of Nine East 33rd?

The company plans to exit the student housing market and focus on mixed-use and conventional multifamily developments.

How does the sale of Nine East 33rd impact Armada Hoffler Properties' investments?

The sale provides capital to fund future development and acquisition opportunities.

Which sector is Armada Hoffler Properties exiting with the Sale?

Armada Hoffler Properties is exiting the student housing sector.

When was the sale of Nine East 33rd announced?

The sale was announced on November 18, 2021.