Elme Communities has completed a liquidation process that’s been in the works for more than a year, after selling the final three properties in its portfolio.
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The Bethesda-based REIT announced Tuesday that it has offloaded a massive property in Alexandria, Virginia, as well as two in D.C. proper. It expects to terminate operations on Nov. 6.
Elme also said the aggregate cash payout to shareholders will be $16.41 per common share — in line with the REIT's July estimate.
In D.C., Elme sold the 374-unit Kenmore in Chevy Chase and the 307-unit building at 3801 Connecticut Ave. between Cleveland Park and Van Ness for $103.2M in net proceeds. Those sales closed on Monday, but Elme did not disclose the buyers.
In Alexandria, it sold the 1,222-unit Riverside Apartments complex and adjacent undeveloped land on Sept. 14. The REIT was under an agreement to sell that property to FPA Multifamily for $250M as of the end of July. That came a month after a deal to offload it to Beitel Group for $280M fell through.
The company used that sale to “repay in full all remaining indebtedness, liabilities and other obligations” under a $520M loan from Goldman Sachs that it secured at the end of the year.
Elme announced its plans to liquidate in August 2025. It reached an agreement to sell 19 apartment buildings to Atlanta-based Cortland for $1.9B in cash and planned to put its 10 other properties on the market. The Cortland sale was completed in November, and it had been offloading the remaining properties since then. The REIT had lowered its payout expectations three times this year.
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