Forest Properties Buys New Hampshire Multifamily for $67M

MANCHESTER, NH—An affiliate of Forest Properties of Cambridge, MA has acquired the 384-unit Waterford Place apartment community here for $67 million.

The deal for the 100% market rate community was announced by CBRE Capital Markets. The firm’s Simon Butler and Biria St. John exclusively represented the seller, SMC Waterford Place Apartments Limited Partnership, and procured the buyer, Forest Properties affiiate Waterford Place Holding LLC.

Waterford Place is located on approximately 66.5 acres near Interstates 93 and 293, which offers residents access to both downtown Manchester and Concord, NH. The community was originally built between 2004 and 2005 and features a mix of one- and two-bedroom apartments with an average size of 998 square feet. The amenity package includes a clubhouse, indoor pool, state-of-the-art gym, theatre room, tennis court, walking trails and grilling stations.

“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,” says CBRE’s Butler. “Waterford Place Apartments offers the buyer the ability to continue with and expand the scope of value-add upgrades implemented by the seller.”

He adds that the property’s location and physical attributes, coupled with the strong employment growth in Manchester, “should translate to continued healthy revenue growth for years to come.”

According to its website, with the purchase of Waterford Place, Forest Properties’ portfolio in New Hampshire totals six communities involving a total of 1,201 units. The firm’s other New England holdings include 14 properties in Massachusetts (1,323 units); two in Rhode Island (403 units) and one in Connecticut (104 units).

The firm also six properties in Florida totaling 1,530 units and one in New York State (the 118-unit The EXO in Astoria, Queens).