VIRGINIA BEACH, VA—Locally-based REIT Armada Hoffler Properties has closed on its sale of Whetstone Apartments, in Durham, NC, for $35.6 million. The sale posted as a 20% profit, it said.
The Whetstone is a new 204-unit apartment complex located close to Duke University. The sale is the company's third in the past year. Armada Hoffler is using the proceeds of these sales to invest in assets it sees as core and to capitalize on the wholesale-to-retail spread on development projects.
The REIT recently made two acquisitions in Maryland: Perry Hall Marketplace and Stone House Square. The grocery-anchored retail centers traded for $20.2 million, net of $15.2 million of proceeds from the sale of the Sentara Williamsburg office building, and 415,500 shares of common stock.
The properties have a combined occupancy of approximately 90%.
Last year Armada Hoffler Properties acquired Dimmock Square, a retail power center in Colonial Heights, VA. Armada Hoffler bought the center in exchange for 990,000 units of limited partnership interest in its operating partnership and $10 million of cash.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
