Armada Hoffler has closed on the sale of The Residences at Annapolis Junction, a 416-unit suburban mid-rise apartment community in Howard County, MD for $150 million.

"With the sale of The Residences at Annapolis Junction, I am pleased to report that we've successfully completed the disposition of $177 million of noncore assets at a blended 4.1% exit cap rate," said Lou Haddad, President and CEO of Armada Hoffler. "Last quarter, we set a goal of selling up to $200 million of noncore assets at cap rates in the mid 4% cap range. In less than three months' time, we not only achieved, but exceeded our price target. More importantly, the proceeds generated from these noncore asset sales will satisfy our equity needs for the remainder of the year and probably well beyond. These transactions allow us to execute on our current development pipeline without accessing the capital markets."

The company completed construction of The Residences at Annapolis Junction in 2017. The LEED Gold certified property was 97% occupied at the time of sale.