Armada Hoffler Properties has completed its strategic exit from the student housing space by closing the sale of Summit Place in Charleston, S.C.
The disposition of the student housing property marks the final sale in the asset class, underscoring the company’s broader strategy to focus on conventional apartment communities when acquiring or developing multifamily assets.
“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,” said 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.”
As detailed in previous earnings calls, Armada Hoffler Properties is utilizing the proceeds for development and acquisition opportuniti
