Nine East 33rd

Armada Hoffler Sells Student Housing Property in Baltimore for $75M

by Julia Sanders

BALTIMORE — Armada Hoffler Properties Inc. has sold Nine East 33rd, a 157-unit student housing property in Baltimore, for $75 million. The buyer was not disclosed. Aaron Moll, Cody Kirkpatrick, Noam Franklin, Chinmay Bhatt and Matthew Tu of Berkadia arranged a $62 million loan from PIMCO for the sale.

Nine East 33rd offers one-, two-, three- and four-bedroom floorplans with an average unit size range of 590 to 1,120 square feet. The fully furnished units feature in-unit washers and dryers, pantries, patios and kitchen islands. Community amenities include a fitness center, bike storage, gameroom, media center and movie theater, courtyard, grill, retail space and onsite maintenance. The property also offers individual locking bedrooms, a study lounge, individual leases available and roommate matching options.

Located at 9 E 33rd St., the property is situated close to downtown Baltimore and Interstate 83. The property is less than a mile from Johns Hopkins University campus and two miles from the Maryland Institute College of Art. The property has nearby retailers such as Insomnia Cookies, Barnes & Noble, Chipotle Mexican Grill, Kung Fu Tea and BOZ’s Burger Bistro.

The transaction was part of Armada Hoffler’s plans to exit the student housing sector. The Virginia Beach-based company says it will continue to invest in mixed-use assets, conventional multifamily and grocery-anchored shopping centers.

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