Armada Hoffler Exchanges Annapolis Junction Community for $150M
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.”
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.