Key facts
- Elme Communities will liquidate.
- Elme Communities is selling Riverside Apartments in Alexandria, Virginia.
- The sale price for Riverside Apartments is $250 million.
- The sale is expected to close by September 14.
- Proceeds will repay a significant term loan.
- Shareholder payout estimates will be updated.
Elme Communities has entered into an agreement to sell its Riverside Apartments located in Alexandria, Virginia, for $250 million. This transaction is a pivotal element in the company's ongoing liquidation process. The sale is expected to be finalized by September 14. The proceeds from this sale will be utilized to repay a significant term loan that Elme Communities currently holds. Following the repayment of the loan, the company plans to provide updated estimates regarding shareholder payouts. This move signifies a major step towards the complete dissolution of Elme Communities as it liquidates its assets.