Armada Hoffler Properties has officially sold its final student housing property in its portfolio, closing on the sale of a 357-bed community in Charleston, S.C., the REIT announced.
Armada Hoffler sold Summit Place to an undisclosed buyer and is planning to use the proceeds for development and acquisition opportunities with conventional multifamily, mixed-use or grocery-anchored shopping center properties.
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The firm developed the five-story student housing community in the third quarter of 2020. Summit Place has 114 units and has studio, one-, two-, three-, four- and five-bedroom floorplans ranging in size from 346 to 1,681 square feet. The fully furnished units were built with a terrace or balcony, in-unit washer and dryer, en suite bathrooms and bedroom doors with locks. Summit Place’s amenities include a clubhouse, fitness center, pool, art studio, and private and group study rooms.
Located at 530 Meeting St., the property makes for a short commute for College of Charleston students as the university is roughly one mile from the property.
Exiting the sector
Armada Hoffler’s sale of Summit Place marks the final disposition in its student housing portfolio. Earlier this month, the REIT closed on the sale of Hoffler Place, another student housing community in Charleston. And last year, Armada Hoffler sold its 567-bed student housing property in Baltimore, Md. to Johns Hopkins University.
The recent sales were part of the REIT’s strategic exit from the student housing sector with plans to focus more on a broader strategy of conventional apartment communities for multifamily acquisitions. Louis Haddad, president & CEO of Armada Hoffler, said in prepared remarks that the REIT would fully shift its focus and resources onto new investment and development opportunities in conventional multi-family, mixed-use and retail properties.