DivestmentJun 24, 2026, 04:13 PM
Elme Communities Riverside Sale Terminated; $280M Deal Off
AI Summary
Elme Communities announced the termination of the purchase and sale agreement for Riverside Apartments, a 1,222-unit community valued at $280 million, after the buyer exercised its right to terminate. This termination necessitates adjustments to the company's previously disclosed estimated ranges of liquidating distributions and anticipated delisting timeline. Concurrently, the company completed the sale of Elme Watkins Mill, using proceeds to reduce its Term Loan to $251 million, and has executed purchase agreements for three other properties totaling $168 million, though these remain subject to closing conditions.
Key Highlights
- Riverside Apartments $280 million sale agreement terminated by buyer.
- Earnest money for Riverside PSA was refunded to the buyer.
- Elme Watkins Mill sale completed on June 10, 2026.
- Remaining Term Loan balance is $251 million after Watkins Mill sale.
- Three properties (Elme Bethesda, Kenmore, 3801 Connecticut Ave) under PSA for $168 million.
- Elme Bethesda PSA price reduced from $59 million to $58 million.
Price Impact
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