Charleston, S.C. — Armada Hoffler Properties has sold Hoffler Place, a 258-bed community located near the College of Charleston in South Carolina as part of a move to exit the student housing sector.
Located at 595 King St., the seven-story property features 74 units and 12,000 square feet of retail space. The community was developed by Armada in 2019 and was 97 percent occupied at the time of sale. The buyer and terms of the transaction were undisclosed.
“As we’ve said before, one of the strengths of a diversified model is our ability to adjust and adapt to changing economic dynamics,” says Louis Haddad, president and CEO of Armada Hoffler. “Based on current favorable market conditions, our student housing assets represent one of the most attractive sources of capital available to fund our future growth. We look forward to completing our strategic exit from student housing in the next few weeks and will continue to find the most cost-effective ways to produce the greatest returns for our shareholders.”