Armada Hoffler Properties Exits Student Housing Space
The REIT has completed its strategic exit from the sector with the sale of a Charleston, SC student housing property.
CHARLESTON, SC – Armada Hoffler Properties Inc. has sold a student housing property in Charleston, SC. The transaction completes the REIT’s strategic exit from the student housing space.
The 357-bed property, Summit Place, was completed by Armada Hoffler Properties in Q3 2020. The five-story building is located at the corner Spring St. and Lee St. and is situated one mile from the College of Charleston.
The disposition represents the final sale within the sector for Armada Hoffler Properties. The firm additionally recently sold the student housing asset, Hoffler Place, also in Charleston, SC.
Moving forward, the firm plans to focus on acquiring or developing conventional apartment communities.
“The Summit Place transaction allows us to fully shift our focus and resources on new investment and development opportunities in conventional multifamily, mixed-use and retail,” states Louis Haddad, president and CEO of Armada Hoffler Properties. “We are well-positioned to move quickly on such opportunities in our target markets. Producing the greatest returns for our shareholders with the lowest cost of capital remains our top priority going forward.”
Armada Hoffler Properties will utilize the sale proceeds for future development and acquisition opportunities surrounding multifamily, mixed-use and grocery-anchored shopping center properties.