Exhibit 10.211


  


FIRST
AMENDMENT TO


PURCHASE
AND SALE AGREEMENT


 


This
FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT (this
“Amendment”) is
entered into this 20th day of February, 2015, by and between AH DURHAM APARTMENTS, LLC, a
Virginia limited liability company (“Seller”), and TRIBRIDGE
RESIDENTIAL, LLC, a Georgia limited liability company (“Purchaser”). 


 


WITNESSETH:


 


WHEREAS,
Seller and Purchaser entered into that certain Purchase and Sale Agreement dated as of December 1, 2014 as modified by the
Agreement Establishing Inspection Period and Inspection Date between Seller and Purchaser dated as of January 7, 2015 (collectively,
"Purchase Agreement") regarding certain property located at 501 Willard Street, Durham, North Carolina
27701 and commonly known as Whetstone Apartments, as more particularly described in the Purchase Agreement; and


 


WHEREAS,
Seller and Purchaser wish to modify the Purchase Agreement as set forth below.


 


NOW
THEREFORE, for Ten Dollars ($10.00) in hand paid and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, Seller and Purchaser hereby agree as follows:


 


1.          Defined
Terms. Capitalized terms contained but not defined in this Amendment shall have the meaning ascribed to such terms in the
Purchase Agreement.


 


2.          Inspection
Period. Section 3(b) of the Purchase Agreement is hereby amended by deleting the phrase "on or before 6:00 p.m. on the
date which is sixty (60) days following the later to occur of (a) the Effective Date, or (b) the date upon which Seller has delivered
the Seller’s Deliveries to Purchaser (the “Inspection Date”),” and, in lieu thereof, replacing it with the following:
“on or before 6:00 p.m. on February 24, 2015 (the “Inspection Date”),”


 


3.          Closing
Date. Seller and Purchaser hereby agree that, notwithstanding the Inspection Period extension contemplated hereunder, no extension
of the Closing Date shall be made by this Amendment. For the avoidance of doubt, for purposes of calculating the Closing Date,
the Inspection Period shall be deemed to have expired on, and the Inspection Date shall be deemed to mean, February 20, 2015.


 


4.          No
Further Modification. In the event of any inconsistency between the Purchase Agreement and this Amendment, the terms of this
Amendment shall control. Except as otherwise modified herein, all terms and conditions in the Purchase Agreement shall remain
in full force and effect.


 




     


     

    

 


5.          Miscellaneous.
This Amendment may be executed by the parties hereto individually or in combination, in one or more counterparts, each of which
shall be an original and all of which will constitute one and the same Amendment and may be delivered by facsimile or PDF
via electronic mail in a legally binding manner. This Amendment shall be governed and construed in accordance with the laws of
the State of North Carolina and shall be binding upon and shall inure to the benefit of the parties hereto and their respective
heirs, executors, administrators, personal representatives, successors and permitted assigns. Time is of the essence with respect
to the obligations of the parties set forth in this Amendment.


 


[Counterpart signatures
appear on following pages]


 




    	 	2	 



     

    

  


IN WITNESS WHEREOF, this Amendment
has been executed by the parties as of the date set forth in the preamble.


 


	 	SELLER:
	 	 
	 	AH DURHAM APARTMENTS,  LLC
	 	 	 
	 	By:	ARMADA HOFFLER MANAGER, LLC,
	 	 	Its Manager
	 	 	 
	 	 	By:	/s/ Eric L. Smith
	 	 	 	 Eric L. Smith, Manager


 


[signatures
continue on following page]


 




    	 	3	 



     

    

  


[signatures
continued from previous page]


 


	 	PURCHASER:
	 	 
	 	TRIBRIDGE RESIDENTIAL, LLC,
	 	a Georgia limited liability company
	 	 	 
	 	By:	/s/ Rober
    H. West
	 	Name:	Robert
    H. West
	 	Title:	President


 




    	 	4