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Armada Hoffler Completes $75M Sale of Baltimore Student Housing
Virginia Beach-based Armada Hoffler Properties, Inc. , has closed on the $75 million sale of student housing property Nine East 33rd in Baltimore, MD. The property is located alongside the Johns Hopkins University Homewood campus.
The transaction is part of the company’s strategic execution to exit the student housing space and to provide a ready source of inexpensive capital to fund development and acquisition opportunities. Armada Hoffler 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,” said Louis Haddad, president and CEO of Armada Hoffler. “The transaction for Nine East 33rd allowed us to take advantage of current favorable market conditions.”
Armada Hoffler is a vertically-integrated, self-managed real estate investment trust that develops, builds and acquires office, retail and multifamily properties located primarily in the mid-Atlantic and southeastern regions.
- ◦Sale/Acquisition
