05:52 AM EST, 11/13/2025 (MT Newswires) -- Elme Communities ( ELME ) said late Wednesday it has completed the sale of 19 multifamily communities to an affiliate of Cortland Partners for $1.6 billion in cash, subject to adjustments.

The move marks the first step in the company's liquidation plan.

Elme Communities ( ELME ) has also secured a $520 million term loan agreement due 2026 with Goldman Sachs (GS) Bank USA, it said.

The company said it plans to pay an initial special liquidation distribution of $14.50 to $14.82 per share in January 2026.