Overview

• Elme Communities has agreed to sell 19 multifamily properties to Cortland for $1.6 billion in cash, with closing expected in Q4 2025 pending shareholder approval.
• The portfolio comprises 5,793 units spread across the Washington, D.C., Northern Virginia and Atlanta markets, with roughly three-quarters located in Northern Virginia.
• Elme’s board unanimously determined that full liquidation would deliver the greatest value after concluding market conditions prevented the REIT from lowering its cost of capital for accretive growth.
• Following the Cortland deal, Elme plans to market its remaining nine apartment communities and its Watergate 600 office tower over the next 12 months.
• Goldman Sachs has committed a $520 million secured financing facility to support the sale of Elme’s remaining assets as the company winds down.