1405 Point

VIRGINIA BEACH, VA—Armada Hoffler Properties has acquired a controlling interest in 1405 Point, a 17-story luxury high-rise apartment building located in the emerging Harbor Point area of the Baltimore waterfront.

The REIT exercised its at-cost purchase option on the 289-unit apartment building for this transaction.

Armada Hoffler was an initial investor in 1405 Point through its mezzanine loan to Beatty Development Group, acquiring a 79% ownership interest in the building in exchange for its loan and the assumption of existing bank debt. The company holds an option to acquire the remaining ownership interest in 1405 Point. “From delivery to 98% leased in roughly 12 months, the performance of this project reaffirms our confidence in the entire Harbor Point development and sets the stage for future investment in one of the premier development sites in the Mid-Atlantic,” says CEO Louis Haddad in a prepared statement.

Designed to LEED Silver standards, 1405 Point has an 11th floor rooftop pool overlooking the Inner Harbor, 24/7 fitness center, resident lounge and meeting and gathering areas. It is also located close to nearly one million square feet of office space including Wills Wharf, which is currently under development and construction by Armada Hoffler as well as the Exelon building and Thames Street Wharf, both of which were built by Armada Hoffler Construction Co.

Situated between Harbor East and Fell's Point, Harbor Point is Baltimore's largest downtown waterfront site currently under development. Beatty Development Group is the master developer of Harbor Point.