Ballard Spahr Advises Elme Communities on Sale of $1.6B Multifamily Portfolio

Attorneys from Ballard Spahr’s national Real Estate Department advised multifamily real estate investment trust (REIT) Elme Communities as local counsel on its liquidation of its multifamily residential communities.

According to a press release from Bethesda-based Elme Communities, a $1.6 billion portfolio sale to an affiliate of Cortland Partners marked the first step effecting the company’s shareholder-approved plan of sale and liquidation, which contemplates the sale or disposition of all of Elme Communities’ assets. These include Elme’s remaining multifamily assets and a single office property, as well as the voluntary wind-down and dissolution of Elme’s business and affairs.

The Ballard Spahr team that advised Elme Communities was led by Roger D. Winston, leader of the firm’s Mixed-Use, Condominium, and Multifamily Development practice, and included Eben C. Hansel, Alyssa Domzal, Laura L. Seidel, Andrew I. Almand, Kyle A. DeThomas, Forrest Albiston, and Aaron M. Clemmer. For properties in Maryland, Virginia, and the District of Columbia, the team conferred on the sale agreement, served as local counsel on regulatory compliance, including for county-level right-of-first-refusal laws, and navigated mortgage recordation tax matters to mitigate taxes. Ballard Spahr served as local counsel for properties in Georgia, as well.

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