–Leading investment sales firm breaks into a new market with three consecutive multifamily deals in New Hampshire–
Newton, MA (November 21, 2022)– Northeast Private Client Group® (NEPCG) has announced the sale of South Policy Street Apartments and Mammoth Road Rooms, marking their first and second closings in the State of New Hampshire. Investment Associate Brad Carlson, Senior Associate Drew Kirkland, and Associate Brett Curtis; represented the sellers and procured the buyers for both multifamily transactions.
Merrimack St Portfolio, located in Manchester, New Hampshire, sold for $2,350,000, costing $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 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 broker of record is Matthew Ping, who works out of Manchester, New Hampshire.
South Policy Street Apartments, located in Salem, New Hampshire, sold for $2,250,000. With a price of $187,500 per unit, this 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, New Hampshire, 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.
“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. .” – Brad Carlson, Investment Associate
The broker of record is Kurt A. Jackson, who works out of Rye, New Hampshire.
Northeast Private Client Group® specializes in mixed-use, retail, and multifamily real estate, exclusively representing investors, property owners, and professional real estate investors. To date, more than 1000 successful transactions have been completed totaling over $3 billion in value within local submarkets around the Northeast and Southeast regions of the United States.