384-Unit Manchester Apartment Complex Trades for $67M

Image courtesy of CBRE New England.

A large Manchester apartment complex has sold for $67 million.

Waterford Place is a 384-unit, 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.

The sale is the third major multifamily sale in Manchester this year. Prominent Manchester landlord Red Oak Apartments added marquee downtown property 875 Elm St. to its portfolio in April, and a 640-unit apartment portfolio spread over 40.8 acres north of downtown sold for $88.5 million in February.

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,” Butler said in a statement. “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 and has a mix of one- and two-bedroom apartments with an average size of 998 square feet. The community’s amenities include a clubhouse, indoor pool, state-of-the-art gym, theater room, tennis court, walking trails and grilling stations.