As a result, the upper tier of the New Hampshire Seacoast is bereft of new product, and St. John says new inventory is unlikely over the near term. Presently rated as a class B development, Beechstone could aspire to the class A level through capital improvement programs that TGM reportedly plans to institute. “It's truly a value-added play,” says St. John, predicting that TGM's experience in the multifamily arena will enable the firm to take Beechstone to the next level. The buyer is now operating in 25 states, with a portfolio of more than 15,000 units and total investment exceeding $900 million.

Even without the capital infusion, occupancy at Beechstone has been consistently strong, says St. John, standing at 98% at the time of the sale. The 28 garden-style buildings are wood-frame construction offering a mix of brick, vinyl and wood exteriors. All two-bedroom apartments and 59% of the units have a second full bath, notes Butler, while community amenities include a fitness center, laundry facilities and playground. The three phases of development are branded as Colonial Pines Estates, Stonecroft and Beechstone.

Trouble in the capital markets has made doing multifamily sales more complicated, but St. John notes that the product type has been less influenced by tighter liquidity due to the welcomed presence of Fannie Mae and Freddie Mac, both of which have stepped in to ease the financing shortfall. Meanwhile, capital is still embracing apartments, reports St. John, whose team has negotiated several high-profile apartment deals in New England this year. The firm brokered the $103-million sale of the 312-unit CambridgePark Place in Cambridge in August, and also assisted Equity Residential Properties this summer in its $181-million sale of Granada Highlands in Malden, one of suburban Boston's most prominent multifamily developments.