AH Realty Trust Sells 225-Unit Greenside Apartments in Charlotte to Harbor Group International

VIRGINIA BEACH, Va. — AH Realty Trust (NYSE: AHRT) has completed the sale of Greenside Apartments, a 225-unit multifamily property in Charlotte, North Carolina, to affiliates of Harbor Group International, LLC, the company announced Nov. 13, 2026. The sale closed at the full contract price with no subsequent adjustment, and AH Realty Trust used the proceeds to further reduce debt.

AH Realty Trust Nears End of Multifamily Exit

The Greenside transaction is the 12th of 13 multifamily properties AH Realty Trust identified for sale as part of a strategic transformation announced in February 2026. The company said it has also completed the sale of its general contracting and real estate services business and exited its real estate financing program.

Proceeds from those dispositions have enabled AH Realty Trust to reduce its leverage to within its target range of 5.5x to 6.5x Net Debt to Adjusted EBITDA, the company said. The final multifamily property, Premier Apartments, is under contract with affiliates of Harbor Group International and is expected to close in the second quarter of 2027.

"When we began this transformation, we committed to shareholders we would sell the multifamily portfolio, exit our non-core businesses and reduce leverage, and we have substantially delivered on each of these objectives. The sale of Greenside is another milestone," said Shawn Tibbetts, chairman, president and chief executive officer of AH Realty Trust. "Today, AH Realty Trust is a simpler, stronger, and more focused operator of retail and mixed-use office properties, positioned for long-term value creation."

Deal Details and Harbor Group International Portfolio Purchase

AH Realty Trust previously anticipated a sale price of $50 million for Greenside, which equates to roughly $222,222 per unit across the 225 apartments. The November announcement states the sale closed at the full contract price.

Greenside is part of a larger portfolio transaction with Harbor Group International. Nine other multifamily properties sold to Harbor Group International in May 2026 for a combined $485 million, while Greenside and Premier Apartments remained under contract at anticipated prices of $50 million and $27 million, respectively. If both remaining sales close near those expectations, the 11-property portfolio would total approximately $562 million.

Balance Sheet Improvements

AH Realty Trust's broader financing actions have also changed its debt profile. The company has reported no material debt maturities until 2029, and its weighted-average debt maturity increased to 4.4 years from 2.0 years.

With the multifamily sales nearly complete, AH Realty Trust, a real estate investment trust with more than four decades of experience, will focus on retail and mixed-use office assets located primarily in the Mid-Atlantic and Southeastern United States.

Charlotte Multifamily Market Context

The sale comes as Charlotte-area apartment occupancy conditions improve while pricing fundamentals soften. Multifamily vacancy in the Charlotte area fell 40 basis points to 8.1% in the third quarter of 2026, the market's sharpest quarterly improvement in five years.

Average rent in the market was $1,547, down 0.4% year over year and 3.8% below the third-quarter 2022 peak of $1,608. The average multifamily cap rate has risen to 5.35%. Demand has outpaced new supply: 16,907 conventional units were absorbed in the year through October, versus 11,454 units delivered.

Outlook

With the Greenside closing complete, AH Realty Trust has one multifamily property remaining to sell. For Harbor Group International, the acquisition adds another Charlotte multifamily asset amid improving absorption and declining vacancy, alongside flat-to-negative rent growth and elevated cap rates.

Sources

AH Realty Trust press release via GlobeNewswire: https://www.globenewswire.com/news-release/2026/11/13/3402450/0/en/ah-realty-trust-completes-sale-of-greenside-apartments.html