Skip to main content

Armada Hoffler Properties Acquires the Edison Apartments in Downtown Richmond, Virginia

Written by Customer Service on . Posted in Mergers And Acquisitions.

VIRGINIA BEACH, Va., Oct. 05, 2020 (GLOBE NEWSWIRE) — 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’Hara
Armada Hoffler Properties, Inc.
Chief Financial Officer, Treasurer, and Secretary
Email: MOHara@ArmadaHoffler.com
Phone: (757) 366-6684

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.