Armada Hoffler (AHH) said Monday it will acquire complete ownership of the Allied Harbor Point apartment complex in Baltimore by purchasing its partner Beatty Development Group's minority stake.
Financial details were not disclosed.
Expected to close in June, the transaction will shift the 312-unit development from joint venture status to full ownership, giving Armada Hoffler full operational control, the company said.
The complex has drawn strong interest from renters since opening earlier this year and includes a rooftop terrace and harbor views, which Armada Hoffler said make it a key addition to its mixed-use real estate holdings.
Shares of the company were down 2.6% in recent Monday premarket activity.
Price: 6.71, Change: -0.18, Percent Change: -2.61
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