{"id":1004116416,"date":"2015-03-27T15:16:45","date_gmt":"2015-03-27T23:16:45","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=336278"},"modified":"2022-12-07T00:31:09","modified_gmt":"2022-12-07T08:31:09","slug":"armada-hoffler-sells-newly-built-multifamily-property-in-durham-for-35-6m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/armada-hoffler-sells-newly-built-multifamily-property-in-durham-for-35-6m\/","title":{"rendered":"Armada Hoffler Sells Newly Built Multifamily Property in Durham for $35.6M"},"content":{"rendered":"

by Adriana Pop, Associate Editor <\/em><\/p>\n

\"\"<\/a>Armada Hoffler Properties is selling the Whetstone Apartments community in Durham for $35.6 million to an undisclosed buyer.<\/p>\n

The 203-unit apartment complex at 501 Willard St. is situated in the city\u2019s downtown area near Duke University. The company delivered the property\u2019s first units in the third quarter of 2014.<\/p>\n

The community offers a mix of studio, one- and two- bedroom apartments with monthly rents ranging from $1,040 to $1,600. Amenities include a resort-style swimming pool, a garden courtyard with fireplace, a fitness center, an entertaining community room, elevator access to all floors, as well as covered parking and controlled access. Leasing and management duties are being provided by Grubb Properties.<\/p>\n

According to Lou Haddad, president and CEO of Armada Hoffler, the company expects to record a profit of more than 20 percent from the disposition of the property, despite the fact that the asset is still in lease-up phase.<\/p>\n

\u201cWe are delighted to continue our long-standing strategy of selling non-core assets from time to time and monetizing the wholesale-to-retail spread on our development projects,\u201d Lou Haddad added. \u201cWhetstone is our third disposition in six months and we will redeploy the capital in a way that best creates value for our shareholders.\u201d<\/p>\n

The transaction will be completed in the second quarter of 2015 and is subject to the satisfaction of certain closing conditions.<\/p>\n

Photo credits: whetstoneapartments.com<\/p>\n","protected":false},"excerpt":{"rendered":"

Armada Hoffler Properties is selling the Whetstone Apartments community in Durham for $35.6 million to an undisclosed buyer.<\/p>\n","protected":false},"author":260,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1604],"tags":[],"class_list":["post-1004116416","post","type-post","status-publish","format-standard","hentry","category-latest","category-raleigh-durham"],"acf":[],"yoast_head":"\nArmada Hoffler Sells Newly Built Multifamily Property in Durham for $35.6M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/armada-hoffler-sells-newly-built-multifamily-property-in-durham-for-35-6m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Armada Hoffler Sells Newly Built Multifamily Property in Durham for $35.6M\" \/>\n<meta property=\"og:description\" content=\"Armada Hoffler Properties is selling the Whetstone Apartments community in Durham for $35.6 million to an undisclosed buyer.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/armada-hoffler-sells-newly-built-multifamily-property-in-durham-for-35-6m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-03-27T23:16:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T08:31:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/03\/Whetstone-Apartments-in-Durham.png\" \/>\n<meta name=\"author\" content=\"Adriana Pop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/armada-hoffler-sells-newly-built-multifamily-property-in-durham-for-35-6m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/armada-hoffler-sells-newly-built-multifamily-property-in-durham-for-35-6m\\\/\"},\"author\":{\"name\":\"Adriana Pop\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/c6fbe4a6cd09e6097b39e787ae96d7ad\"},\"headline\":\"Armada Hoffler Sells Newly Built Multifamily Property in Durham for $35.6M\",\"datePublished\":\"2015-03-27T23:16:45+00:00\",\"dateModified\":\"2022-12-07T08:31:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/armada-hoffler-sells-newly-built-multifamily-property-in-durham-for-35-6m\\\/\"},\"wordCount\":237,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/armada-hoffler-sells-newly-built-multifamily-property-in-durham-for-35-6m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/03\\\/Whetstone-Apartments-in-Durham.png\",\"articleSection\":[\"News\",\"Raleigh-Durham\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/armada-hoffler-sells-newly-built-multifamily-property-in-durham-for-35-6m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/armada-hoffler-sells-newly-built-multifamily-property-in-durham-for-35-6m\\\/\",\"name\":\"Armada Hoffler Sells Newly Built Multifamily Property in Durham for $35.6M - 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