Armada Hoffler buys Richmond apartment complex for $25M
Va. Beach-based firm buys the Edison Apartments
Virginia Beach-based Armada Hoffler Properties Inc. announced last week it has completed the $25 million acquisition of the Edison Apartments in Richmond.
The 174-unit, 12-story property was originally built in 1919 as the headquarters for the Virginia Electric and Power Co. (now Dominion Energy Inc.) and was renovated and repurposed in 2014 as apartments.
The acquisition included the assumption of debt and issuance of operating partnership units. The total value of the property is assessed at $26.88 million, according to Richmond property records.
Armada Hoffler’s purchase also included a 365-space parking garage with 24/7 paid public access and dedicated parking for Edison residents. The apartment complex is currently 97% leased, according to Armada Hoffler.
The project, located at 700 East Franklin Street, was developed by Richmond-based Genesis Properties Inc. and was completed in 2015.
“We are pleased to add another high-quality, urban, core, multifamily asset with onsite structured parking to our portfolio,” Armada Hoffler President and CEO Louis Haddad said in a statement. “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.”