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Armada Hoffler (AHH) Declares New $45M Charlotte Project
Armada Hoffler Properties, Inc. (AHH - Free Report) recently announced new development project in Charlotte, North Carolina. Particularly, the company has struck a deal to develop and own a new $45 million multifamily property in Charlotte as the majority partner in a joint venture with Southern Apartment Group.
This move comes as part of Armada Hoffler’s strategic focus on fortifying its footprint in the Carolinas. The company plans to break ground during fourth-quarter 2016 and targets for a mid-2018 completion.
Comprising 225 apartment homes over eight floors, this project has the potential to command much attention from renters for being positioned in the growing Midtown Charlotte on the East Morehead corridor. It is close to downtown Charlotte and near to the Carolinas Medical Center which is one of the largest employers in Charlotte. This raises hopes of a higher demand for apartments in the property.
Moreover, the expansion seems a strategic fit for Armada Hoffler given that the Charlotte MSA is a thriving market of 2.4 million people with a median household income surpassing $50,000.
Armada Hoffler is engaged in developing, building, owning and managing office, retail and multifamily properties in attractive markets throughout the Mid-Atlantic and Southeastern United States. It is based in Virginia Beach, United States.
Armada Hoffler has a Zacks Rank #3 (Hold). Investors can consider better-ranked stocks like Equity LifeStyle Properties, Inc. (ELS - Free Report) , Silver Bay Realty Trust Corp. and Sun Communities Inc. (SUI - Free Report) . Each of these stocks carries a Zacks Rank #2 (Buy). You can also see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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