Armada Hoffler Properties completes $75m sale of Baltimore student-housing property

Armada Hoffler Properties has closed the $75 million sale of student-housing property Nine East 33rd in Baltimore. This transaction is part of a strategic execution to exit the student-housing space laid out by the company in previous earnings calls and to provide a ready source of inexpensive capital to fund development and acquisition opportunities. Armada Hoffler Properties plans to continue its strategy to invest in mixed-use assets, conventional multifamily and grocery-anchored shopping centers.

“This is the first step in executing our strategy to exit the student housing asset class. The transaction for Nine East 33rd allowed us to take advantage of current favorable market conditions,” said Louis Haddad, president & CEO of Armada Hoffler Properties.