NEWPORT NEWS, VA-Armada Hoffler Properties has closed its acquisition of Liberty Apartments, a $30.7 million purchase it previously announced. Liberty Apartments is part of a $70 million public-private mixed-use development that also includes the Newport News Apprentice School of Shipbuilding and a garage.
The 197-unit building, which is located next to the school, also features 28,000 square feet of retail space. Armada Hoffler purchase of the building also included the issuance of some 695,000 Operating Partnership units, the value of which was based on the Thursday, January 16, 2014 closing stock price of the REIT, the repayment of a $3 million mezzanine loan and the assumption of approximately $20.9 million of debt.
The REIT first announced the deal in May; it is buying the property from affiliates of Armada Hoffler. All three components of the project delivered in November 2013.
The so-called Apprentice School Project is a $70 million public- private, mixed-use development built by the Newport News Shipbuilding division of Huntington Ingalls Industries, Virginia and the Industrial Development Authority of the City of Newport News.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more information visit Asset & Logo Licensing.
