News: Northern New England
Posted: January 3, 2020
CBRE sells Residences at Riverwalk for $33 million
Manchester, NH CBRE sold the Residences at Riverwalk located at 553-557 South Commercial St., for $33 million.
CBRE capital markets’ multi-housing experts Simon Butler and Biria St. John exclusively represented the seller, SMC Management Corp., and procured the buyer, Forest Properties.
“We are pleased to have closed on the sale of the Residences at Riverwalk, which is located in a dynamic location adjacent to the Fisher Cat’s minor league baseball park and walking distance to numerous retail amenities,” said Butler.
“The strength of the Manchester economy and the lack of new supply should allow Forest Properties to achieve strong long-term rent growth,” said St. John.
The Residences at Riverwalk is a 150-unit, 100% market-rate class A apartment community. Built in 2016, the property consists of three five-story residential buildings with garage parking. The unit mix includes 28 studio, 52 one-bedroom, and 70 two-bedroom units. Amenities include an on-site fitness center, laundry and private meeting spaces. The Residences at Riverwalk is located off I-293 and is proximate to I-93
Tags:
Northern New England
MORE FROM Northern New England
Northern New England
November 2024 NH CIBOR president’s message: 10 tips for commercial real estate investors - by Ethan Ash
While many Realtors will tell you what you need to do in order to sell your residential property at the highest price (clean out the junk, update bathrooms and kitchens, paint, etc.) most people don’t get easy to follow guidance on what to do to help your commercial real estate sale. Other than that advice that I
Columns and Thought Leadership
Residential is here to untie the office space doom loop - by Thomas House
The glut of unused (and to the owners, undervalued) office space because of the advent of work from home is in the process of becoming homes themselves. Though this is an officially supported trend in Boston and other northeast locations, the conversion
Interest rates and inflation - by Matthew Bacon
As we all know, interest rates have been changing drastically, with movement in both directions, depending on the type and term of financing. The Federal Open Market Committee has taken drastic action in efforts to curb abnormally high inflation, but it hasn’t controlled labor cost growth to the extent that was intended.
The Greater Portland industrial mid-year market update - by Nate Roop
The industrial market in Maine remains robust, characterized by historically low vacancy rates. As of early 2024, the vacancy rate across the state is below 2%, indicating a continued imbalance between supply and demand. This tight market environment has kept lease rates strong, with many landlords in a favorable position. Asking rates are trending around $10.50 per s/f for
Maine multifamily outlook: Opportunities in Portland, Bangor, and Lewiston-Auburn - Blake Wright and Kristie Russell
The multifamily market in Maine’s major cities presents a diverse range of opportunities for investors. We looked at the potential benefits and unique characteristics of three major submarkets in the state: Portland, Bangor, and Lewiston-Auburn. The information below is based on research done in CoStar and county registries, and focuses on multifamily properties that have four or more units.