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Armada Hoffler Graduates from Student Housing to Traditional Multifamily
Virginia Beach, VA-based Armada Hoffler Properties, Inc., has closed the sale of Hoffler Place in Charleston, SC. Hoffler Place was one of two remaining student housing assets in the company’s portfolio; the pending sale of Summit Place, also in Charleston, is anticipated to close by the end of April.
The company is in the process of 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.
“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 and 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.”
The 2019-constructed Hoffler Place caters to College of Charleston students.
- ◦Sale/Acquisition
