A student housing property at Nine E. 33rd St. in Baltimore, Md., has been sold for $75 million by Armada Hoffler Properties to Johns Hopkins University. The transaction reflects a firm strategy outlined in earnings calls to exit the student housing sector. The deal frees up a source of inexpensive capital to finance opportunities in development and acquisition, allowing Armada Hoffler Properties to pursue investments in mixed-use and conventional multifamily properties, as well as supermarket-anchored retail centers.
Capstone On-Campus is the building manager.
In a prepared statement, an Armada Hoffler official reported the transaction enabled the company to take advantage of prevailing favorable market conditions.
Completed in 2016, Nine E. 33rd is set on a 1.1-acre parcel and is of steel frame construction. The LEED Silver-certified green building features 30,614 square feet of retail space. Parking spaces for the building total 165, and covered parking is available for an additional $110 per month.
The property houses 157 units and 567 bedrooms. All units are furnished. The largest nearby institution of higher learning is Johns Hopkins University, 0.29 miles away. The occupancy at the time of sale was 98.1 percent.
The residences feature individual air conditioning, in-unit washer-dryers, above-standard building heights and high-speed Internet access. A fitness center is among the common-area amenities at the property.
Set in Baltimore’s Charles Village neighborhood, Nine E. 33rd is convenient to downtown Baltimore and I-83. Recreational opportunities near the property include Wyman Park, the Stony Run Trail, Space Telescope Science Institute and the university’s sports stadium, Homewood Field.
Last year, Armada purchased The Residences at Annapolis Junction, a 416-unit property in Howard County, Md.