Elme Communities Sells Last Property for $250M
On July 23, Elme Communities announced the sale of its last remaining property, the Riverside Apartments in Alexandria, Virginia. The high-rise complex with 1,222 units was sold to FPA Multifamily LLC for $250 million — a reduction from an earlier terminated deal worth $280 million. This transaction marks another step in Elme's ongoing liquidation process that began last year. Elme has already sold six of its 10 remaining properties, with four more under agreement to be sold soon. The company expects these sales to generate approximately $418 million in gross proceeds. FPA Multifamily also acquired other Elme assets previously and is required to make an earnest money deposit as part of the Riverside deal. The sale follows a strategic shift initiated by Elme Communities, which began evaluating alternatives for its portfolio in February 2025. The company sold 19 properties earlier last year to Cortland Partners for $1.6 billion and has since been systematically liquidating its remaining assets.
Tickers: $ELME
Topics: CAPREIT Elme Communities FPA Multifamily LLC Riverside Apartments