November 16, 2023 – Will Peck of Horvath & Tremblay has arranged the sale of a twenty-two-unit multi-family portfolio in Manchester, New Hampshire. Peck exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $3,400,000. The sale represents a 7.85% Cap Rate and a per unit price of $154,545.
The Multi-Family Portfolio consists of 22 units spread across five (5) properties and consists of fifteen (15) 2-Bedroom/1-Bathroom units, three (3), 3-Bedroom/1-Bathroom units, two (2), 4-Bedroom/1-Bathroom units, one (1), 1+Bedroom/1-Bathroom unit, and one (1), 1-Bedroom/1-Bathroom unit with 21,540 square feet of living area in 31,853 gross square feet. Additionally, four of the five Properties feature on-site parking with a total of nineteen (19) spaces. The Portfolio has below market rents and offers the opportunity to drive rental rates in an urban-infill, high demand/supply-constrained residential market through programmatic upgrades to the remaining unrenovated unit interiors. The 22 Unit Manchester, NH Portfolio represents a rare opportunity to acquire a critical mass of investment properties in a supply-constrained downtown market within one of southern New Hampshire’s core cities. Four of the five Properties are centered around Maple Street (NH Route 28) in Downtown Manchester. The Properties are well located within Manchester’s Downtown and provide many walkable amenities (shopping, dining, and entertainment) and convenient access to SNHU Arena, several downtown parks (Veteran’s Memorial Park, Bronstein Park, and Victory Park), the banks of the Merrimack River, and area highways. The fifth Property is located just across the Merrimack River in the Notre Dame neighborhood of Manchester and provides convenient access to Downtown Manchester (via Granite Street and Bridge Street), the Catholic Medical Center, Interstate 293 and US Route 3.
Horvath and Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in New England. Their advisors specialize in the sale of apartment buildings, mixed-use properties and development projects. They have experience successfully structuring portfolio sales and 1031 exchanges. They have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.