Armada Hoffler acquires full ownership of Allied Harbor Point

Armada Hoffler (AHH) announced it has reached an agreement with its joint venture partner, Beatty Development Group, to acquire full ownership and control of Allied Harbor Point, a 312-unit multifamily asset located in Harbor Point Baltimore. The transaction aligns with the company’s strategic initiative to simplify its business, create synergies with existing assets and enhance long-term value. Under the terms of the agreement, Armada Hoffler will acquire the partner’s minority interest in the property, transitioning from joint venture ownership to sole ownership. The acquisition is expected to close in June, subject to customary closing conditions. “This agreement reflects our ongoing commitment to streamline our operations and concentrate on wholly owned assets located in best-in-market mixed use environments,” said Shawn Tibbetts, Chief Executive Officer and President of Armada Hoffler. “Taking full ownership of this high-quality, new multifamily asset enhances our portfolio quality and gives us 100% control and flexibility moving forward.”