CBRE Capital Markets team today announced the sale of Waterford Place in Manchester, New Hampshire, for $67 million.
Waterford Place is a 384-unit 100 percent market-rate apartment community spread over 66.5 acres just off Interstates 93 and 293, offering residents easy access to both downtown Manchester and Concord, New Hampshire. CBRE multi-housing experts Simon Butler and Biria St. John exclusively represented the seller, SMC Waterford Place Apartments Limited Partnership, and procured the buyer, Waterford Place Holding LLC, an affiliate of Forest Properties.
“We are pleased to have sold Waterford Place Apartments on the behalf of our client who successfully executed their vision for the asset since acquiring it,” said CBRE’s Butler. “Waterford Place Apartments offers the buyer the ability to continue with and expand the scope of value-add upgrades implemented by the seller. The community offers outstanding access to the numerous different employment centers throughout Southern New Hampshire and Northern Massachusetts. The community’s superior location and physical attributes, coupled with the strong employment growth in Manchester, should translate to continued healthy revenue growth for years to come.”
The community was originally built between 2004 and 2005. The 100 percent market-rate community is comprised of 384 units with a mix of one- and two-bedroom apartments with an average size of 998 square feet. Additionally, the community has an outstanding amenity package including a clubhouse, indoor pool, state-of-the-art gym, theatre room, tennis court, walking trails and grilling stations.
About CBRE Group, Inc.
CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.