Virginia Beach, VA-based Armada Hoffler has completed the $150-million sale of The Residences at Annapolis Junction, a 416-unit suburban mid-rise apartment community in Annapolis Junction, MD. The transaction closed on July 22, 2022.

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.

“With the sale of The Residences at Annapolis Junction, we’ve 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. These transactions allow us to execute on our current development pipeline without accessing the capital markets.”