Armada Hoffler Properties Announces New Development Project in Charlotte, North Carolina

Armada Hoffler Properties, Inc. (NYSE:AHH) announced today that the Company has entered into an agreement to develop and own a new $45 million multifamily property in Charlotte, North Carolina as the majority partner in a joint venture with Southern Apartment Group.

Situated in thriving Midtown Charlotte on the East Morehead corridor, the project is expected to be a new Class A property consisting of 225 apartment homes over eight floors with 350 structured parking spaces. The new development is only minutes from downtown Charlotte and is strategically located in close proximity to the Carolinas Medical Center, the flagship hospital of Carolinas HealthCare System and one of the largest employers in Charlotte.

“The Charlotte MSA is a major market of 2.4 million people with a median household income exceeding $50,000. It presents a natural geographic point of expansion for our company,” commented Louis S. Haddad, Chief Executive Officer. “We are pleased to be growing our footprint in the Carolinas and to have teamed with local partners who have more than 45 years of combined experience in real estate development in this market.”

The Company expects to break ground during the fourth quarter of 2016 with completion targeted for mid-2018.

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 and Southeastern United States. The Company has elected to be taxed as a real estate investment trust (REIT) for U.S. federal income tax purposes.

About Southern Apartment Group, LLC

Southern Apartment Group, LLC, and its parent company CitiSculpt, LLC, is a real estate development company that brings decades of specific experience and a highly accomplished leadership team with a proven history of developing a variety of product types (commercial, multifamily, single family, retail and mixed-use properties) throughout the Carolinas. The primary mission of CitiSculpt is to shape our community and our world by investing in people and places to enhance lives and create exceptional value for our investors.

Forward-Looking Statements

Certain matters within this press release are discussed using forward-looking language as specified in the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statement. For a description of factors that may cause the Company's actual results or performance to differ from its forward-looking statements, please review the information under the heading “Risk Factors” included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015, and other documents filed by the Company with the Securities and Exchange Commission.

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