Armada Hoffler Properties Completes Off-Market Acquisition of The Residences at Annapolis Junction

VIRGINIA BEACH, Va., Nov. 02, 2020 (GLOBE NEWSWIRE) -- Armada Hoffler Properties, Inc. (NYSE: AHH) today announced that it has completed the acquisition of The Residences at Annapolis Junction. The Company had previously been a mezzanine lender to the developer of the property. In connection with the transaction, the Company refinanced the property with a 10-year $84 million agency loan that is interest-only for the first three years and bears interest at 2.74% per annum.

The Residences at Annapolis Junction offer 416 luxury apartments and upscale amenities including a theater, pet spa, and resort-style pool. Located within minutes of Fort Meade, the National Security Agency, and BWI Marshall Airport, the community is strategically located in Howard County with convenient access to the Savage MARC Station, Amtrak, and I-295. Armada Hoffler Construction Company completed construction of the LEED Gold-certified property in 2018. The community is currently 97% leased.

“Our previous mezzanine loan on The Residences at Annapolis Junction put us in unique position to acquire full control over the stabilized asset in an off-market and immediately accretive transaction,” said Louis Haddad, President & CEO of Armada Hoffler Properties. “Combined with our recent off-market purchase of the Edison Apartments, our acquisition of Annapolis Junction brings our multifamily portfolio to over 2,300 market-rate units in mostly suburban locations in Virginia, Maryland, and North Carolina. Our geographic focus has and will continue to be on Mid-Atlantic and Southeast markets that we believe will continue to see significant population growth in both the near and long term.”

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.