Elme Communities reports that the inspection period for the sale of Riverside Apartments, a 1,222-unit community in Alexandria, Virginia, expired on August 20, 2026. The remaining $2.0 million installment of the earnest money deposit has been deposited with the escrow agent, bringing the aggregate nonrefundable deposit to $4.0 million. The contract sale price is $250.0 million, subject to customary prorations and adjustments. Closing is expected no later than September 14, 2026, contingent on satisfying conditions precedent. This transaction is part of Elme's ongoing Plan of Sale and Liquidation, which involves selling remaining multifamily assets to repay its $520.0 million senior secured term loan. The company operates in the real estate investment trust (REIT) industry, specifically owning and managing multifamily residential properties.

Elme Communities entered into a purchase and sale agreement on July 23, 2026, to sell Riverside Apartments for $250.0 million. The company also updated its estimated total liquidating distributions to a range of $16.41 to $16.61 per share, which includes a previously paid $14.67 per share special distribution. Elme Communities is a real estate investment trust that manages and owns multifamily residential properties.

Elme Communities terminated a $280 million purchase and sale agreement for Riverside Apartments, prompting the company to withdraw its previously disclosed estimated ranges of liquidating distributions. The company is currently liquidating its assets, with the sale of Elme Watkins Mill completed on June 10, 2026, and three other properties under contract for $168 million. Elme Communities is a real estate investment trust that manages and sells multifamily residential properties.