Armada Hoffler Properties Acquires the Edison Apartments in Downtown Richmond, Virginia
October 05 2020 - 6:00AM
Armada Hoffler Properties, Inc. (NYSE: AHH) today announced that it
has completed the previously disclosed acquisition of the Edison
Apartments in Richmond, Virginia for $25 million, including the
assumption of debt and the issuance of Operating Partnership Units.
Originally built in 1919 as the headquarters for the Virginia
Electric and Power Company and subsequently renovated and
repurposed in 2014, the historic Edison offers 174 contemporary
apartment units located in downtown Richmond within blocks of the
Virginia State Capitol, as well as the Virginia Commonwealth
University Medical Center and Medical College of Virginia Campus.
Also included in the acquisition is a 365-space parking garage with
24/7 paid public access and dedicated parking for Edison residents.
The high-rise apartment community is currently 97% leased.
“We are pleased to add another high-quality, urban, core,
multifamily asset with onsite structured parking to our portfolio,”
said Louis Haddad, President & CEO of Armada Hoffler
Properties. “Consistent with prior transactions, the OP Units were
issued at a significant premium to the current market price of our
common stock, demonstrating our new partners’ confidence in the
value proposition presented by our Company. With the Edison
acquisition and the recently announced Solis Gainesville project,
we will have added nearly 400 conventional apartment units owned or
under development to the approximately 2,000 units in our portfolio
and pipeline.”
About Armada Hoffler Properties,
Inc. Armada Hoffler Properties, Inc. (NYSE: AHH) is a
vertically-integrated, self-managed real estate investment trust
("REIT") with four decades of experience developing, building,
acquiring, and managing high-quality, institutional-grade office,
retail, and multifamily properties located primarily in the
Mid-Atlantic and Southeastern United States. In addition to
developing and building properties for its own account, the Company
also provides development and general contracting construction
services to third-party clients. Founded in 1979 by Daniel A.
Hoffler, the Company has elected to be taxed as a REIT for U.S.
federal income tax purposes. For more information, visit
ArmadaHoffler.com.
Contact:Michael P. O’HaraArmada Hoffler
Properties, Inc.Chief Financial Officer, Treasurer, and
SecretaryEmail: MOHara@ArmadaHoffler.com Phone: (757) 366-6684
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