Armada Hoffler Properties Inc. has closed the $75 million sale of a student-housing property in Baltimore.
The company said this transaction is part of a strategic execution to exit the student-housing space, and will provide a ready source of inexpensive capital to fund development and acquisition opportunities.
“This is the first step in executing our strategy to exit the student housing asset class,” said Louis Haddad, president and CEO of Armada Hoffler Properties. “The transaction for Nine East 33rd allowed us to take advantage of current favorable market conditions.”
