AHH - Armada Hoffler Properties closes Charleston student housing property sale

Armada Hoffler Properties (NYSE:AHH) closed the sale of a student housing property, Hoffler Place in Charleston, South Carolina to focus on conventional apartment communities when acquiring or developing multifamily assets. At the time of the sale, Hoffler Place was 97% occupied. "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. We look forward to completing our strategic exit from student housing in the next few weeks and will continue to find the most cost-effective ways to produce the greatest returns for our shareholders," President & CEO Louis Haddad commented. Hoffler Place was one of two remaining student housing assets in the company’s portfolio. The pending sale of Summit Place is expected to close by the end of the month.

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Armada Hoffler Properties closes Charleston student housing property sale