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PORTSMOUTH, NH-A New York City-based real estate investment firm has entered the multifamily market here via its purchase of a three-phase, 428-unit apartment community just off Route One. The Beechstone portfolio was purchased by an affiliate of TGM Associates from Forum Development and Labrie Family Holdings.

Calls to the sellers and TGM officials were not returned by press deadline, but public records indicate the transaction amounted to nearly $50 million, which would equate to $117,000 per unit. The brokers at Cushman & Wakefield's Capital Markets Group declined to discuss details of the sale, but ED Simon Butler acknowledges that the opportunity was pursued vigorously by investors. “Despite being over 20 years old, Beechstone is a well-maintained asset that was ahead of its time,” says Butler, requiring TGM to beat out several national competitors to secure the complex.