Elme Communities has completed the sale of 19 multifamily communities to Cortland for $1.6 billion in cash. This marks the first step in the company’s Plan of Sale and Liquidation, which includes selling all assets and winding down operations. The company also secured a $520 million term loan with Goldman Sachs Bank USA. Elme plans to distribute between $14.50 and $14.82 per common share to shareholders from the sale proceeds. CEO Paul McDermott aims to sell all remaining assets by June 2026 to maximize shareholder value. Elme Communities is a multifamily real estate investment trust operating in Washington, DC, and Atlanta.

Read more at GlobeNewswire.: Elme Communities Completes Sale of 19 Multifamily