Brady Sullivan completes sale of 75 units totaling $7.875 million

Jefferson Place - Manchester, NH

Manchester, NH Brady Sullivan Properties closed on the sale of 53 units within Deerhaven Preserve and 22 units at Jefferson Place on Eastern Ave. The packaged portfolio sold for $7.875 million or $105,000/unit. Brady Sullivan’s in-house commercial team of Charles Panasis, Ben Kelley and James Tobin facilitated the transaction on behalf of the seller.

Deerhaven Preserve and Jefferson Place are both 100% leased, and the acquisition presents the buyer with the opportunity to maintain as a single rental community or sell the units individually as condos. Located on Manchester’s east side and situated adjacent to I-93 and NH-Rte. 101, the development maintains a neighborhood community feel while offering unmatched highway proximity for the commuter.

The sale is the latest transaction handled by Panasis, Kelley and Tobin as part of a sizeable disposition. The commercial team has facilitated sales of 112 residential and commercial units to date in 2016 totaling in excess of $11.2 million. Additionally, the Manchester-based development company currently has a 14-unit residential community and a 240,000 SF, 30-acre industrial campus under agreement.             

“As the company has grown, we have continued to look for value-add opportunities and underutilized properties,” said Panasis. “Our emphasis remains on a buy-and-hold strategy, and we are always looking to acquire new real estate.” He added “the portfolio has diversified to where we feel some of our holdings may better suit the owner-user or the investor. A lot of entrepreneurial companies are looking to own their real estate. We have recognized the trend and are aiming to accommodate the investor and lessee alike.”