Armada Hoffler Properties Acquires Luxury MD Multifamily
In addition to the off-market acquisition, the firm refinanced the Annapolis Junction property with a 10-year, $84 million agency loan.
ANNAPOLIS JUNCTION, MD – Armada Hoffler Properties Inc. has acquired the 416-unit, luxury apartment community, the Residences at Annapolis Junction, in an off-market transaction.
In conjunction with the acquisition, the company refinanced the property with an $84 million agency loan. The 10-year loan is interest-only for the first three years and bears interest at 2.7% per annum.
Armada Hoffler Properties previously served as a mezzanine lender to the developer of the property.
Armada Hoffler Construction Company completed construction on the property in 2018.
The multifamily community is currently 97% leased.
Located in Howard County, near Fort Meade, the National Security Agency and BWI Marshall Airport, the Residences at Annapolis Junction features luxury apartment units and community amenities such as a theater, resort-style pool and pet spa.
“Our previous mezzanine loan on the Residences at Annapolis Junction put us in unique position to acquire full control over the stabilized asset in an off-market and immediately accretive transaction,” states Louis Haddad, president & CEO of Armada Hoffler Properties. “Combined with our recent off-market purchase of the Edison Apartments, our acquisition of Annapolis Junction brings our multifamily portfolio to over 2,300 market-rate units in mostly suburban locations in Virginia, Maryland and North Carolina. Our geographic focus has and will continue to be on Mid-Atlantic and Southeast markets that we believe will continue to see significant population growth in both the near and long term.”