Luxury Manchester Apartments Sell for $39M

Prominent Manchester landlord Red Oak Apartments has added a new marquee property to its portfolio. 

The firm bought the Citizens Bank building at 875 Elm St. for $39 million from owners the Carlisle Capital Corp., according to the New Hampshire Union Leader. 

The building, instantly recognizable thanks to its 3-story-high, rooftop Citizens Bank sign, contains 91 apartments with amenities like in-unit laundry, bicycle storage, private rooftop terraces and a 24-hour fitness center. 

Rents start $1,629 for a one-bedroom unit, according to Red Oak’s website. 

The building’s $39 million price tag may be high, but it is far from the most expensive commercial transaction in the city this year. The 640-unit Highlands at Washington Park apartment complex sold to an affiliate of Waltham, Massachusetts-based The DSF Group for $88.5 million in February.