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K&M Development Acquires 32-Acre Site

LITCHFIELD, NH-The site is partially developed with nine sold units, three shells and a single model home with a plan of 57 total units for independent living homes.

By Ryan Clark | Updated on July 01, 2009

LITCHFIELD, NH-A 32-acre site here, Annandale on the River, is being purchased by K&M Development LLC, an affiliate of Sousa Realty Development Corp. from Annandale Fields Development LLC. The acreage contains nine completed and sold units, along with three shells and a model home. Zoned for residential use, the site is part of a plan to create 57 total units for age 55 and up independent living homes. Atalanta-based Apartment Realty Advisors (ARA) represented Annandale in the deal, with their New England office–specifically land broker Brendan Reilly and principals Richard Robinson, Terry Scott and Stephen Ordway. Reilly tells GlobeSt.com, “There was a lot of cooperation between buyer and seller.”

ARA-New England “reports an uptick in land sale activity,” according to a release and sees prices dropping as a cause. “We’re seeing that sellers are being more realistic in price,” Reilly tells GlobeSt.com. This could be the start of the much-anticipated reduction of the bid-ask gap. “Prices are coming down because there’s been no activity and people realize in order to sell they’re going to have to reduce their price,” Reilly elaborates.

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