Setting A Foot in NH, Northeast Private Client Sells $5.55M in Multifamily DealsNovember 21, 2022
MANCHESTER, NH — Northeast Private Client Group has completed the sale of four multifamily buildings, trading South Policy Street Apartments and Mammoth Road Rooms, and The Merrimack Street Portfolio - marking its first and second closings in the State of New Hampshire. Per a release, Investment Associate Brad Carlson, Senior Associate Drew Kirkland, and Associate Brett Curtis represented the sellers and procured the buyers for the multifamily transactions at a combined price of $5,500,000.
Merrimack St Portfolio, located in Manchester, New Hampshire, sold for $2,350,000, at $123,684 per unit. This portfolio provides a value-add opportunity consisting of three separate multifamily properties for a total of nineteen (19) units. The floor plans consist of one (1) three-bedroom unit, seven (7) two-bedroom units, three (3) one-bedroom units, and eight (8) studio units. The broker of record is Matthew Ping, who works out of Manchester.
The location of this portfolio is on the east side of Manchester, within walking distance of retail shops and restaurants along Elm Street. Over the past five years, the demand for quality affordable housing in Manchester has grown due to population growth and has caused an all-time low vacancy in the area.
The South Policy Street Apartments, located in Salem, New Hampshire, sold for $2,250,000. With a per-unit price of $187,500. The 1970 garden-style apartment building provides a value-add opportunity, consisting of 10 two-bedroom and two (2) one-bedroom units. The property has ample off-street parking for all tenants, with a total of 24 spots. The property sits close to I-93 and is a half-mile from the Tuscan Village. This generational asset allows an investor to increase rents to the market rate by giving the units a more modern look.
Mammoth Road Rooms, located in Manchester sold for $950,000. This property comprises 19 SRO units and one (1) two-bedroom townhouse unit. This value-add opportunity features off-street parking and coin-op laundry income and sits on a 1.69-acre commercially zoned parcel, which allows for potential future development.
The broker of record is Kurt A. Jackson, who works out of Rye, New Hampshire.“We are very excited to provide the state of NH with our industry-leading brokerage services. Many clients will benefit from our expertise and extensive knowledge of the market. Our local and out-of-state relationships will continue to provide sellers with top-of-the-market pricing for their assets. We look forward to continuing to grow our brand throughout the great state of New Hampshire,” affirmed Carlson,