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Elme Communities to terminate operations on Nov. 6 after liquidating
The Bethesda-based REIT said it expects to pay shareholders $16.41 per common share in connection with its liquidation.
Elme Communities, a Bethesda-based REIT, said it has completed a liquidation process that included selling the last three properties in its portfolio, with operations expected to end on Nov. 6, according to Bisnow.
The REIT sold a 307-unit building at 3801 Connecticut Ave. in Washington, D.C., a 374-unit property in Chevy Chase at Kenmore, and a 307-unit building between Cleveland Park and Van Ness, with those D.C. sales closing on Monday; Bisnow reports Elme did not disclose the buyers.
In addition, Elme sold the 1,222-unit Riverside Apartments complex and adjacent undeveloped land in Alexandria, Virginia, on Sept. 14, after an earlier sale agreement to FPA Multifamily at $250M as of the end of July and a prior deal at $280M that fell through.
Elme said the aggregate cash payout to shareholders will be $16.41 per common share, and that it used a prior planned sale to repay remaining indebtedness and liabilities, while the Alexandria transaction was part of its broader exit plan, Bisnow reported.