Armada Hoffler Properties, Inc. (NYSE: AHH) today announced that it has completed its disposition of Whetstone Apartments for approximately $35.6 million.
Whetstone is a new 204-unit apartment complex strategically located in downtown Durham, North Carolina near Duke University. Whetstone is the Company’s third disposition in the past year as management continues its long-standing strategy of selling non-core assets in order to redeploy capital and monetize the wholesale-to-retail spread on development projects. With a profit in excess of 20%, this is a prime example of the shareholder value created by a vertically integrated real estate company.
About Armada Hoffler Properties, Inc.
Armada Hoffler Properties, Inc. is a full service real estate company with extensive experience developing, building, owning and managing high-quality, institutional-grade office, retail and multifamily properties in attractive markets throughout the Mid-Atlantic United States. The Company has elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes.
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Contacts:
Julie Loftus Trudell
Vice
President of Investor Relations
757-366-6692
JTrudell@ArmadaHoffler.com
