News: Northern New England
Posted: August 2, 2024
Downtown Realty sells 24-unit Lake
Street Apartments for $4.4 million
Nashua, NH Downtown Realty negotiated the closing of the Lake Street Apartments, located at 87-89 Lake St., for $4.4 million in June 2024. Matthew Lefebvre represented the seller and procured the buyer of this 24-unit garden-style apartment building.
Constructed in 1968, the Lake Street Apartments comprised two studio apartments, 10 one-bedroom apartments, and 12 two-bedroom apartments. The property is on under an acre adjacent to Sandy Pond and has over 40 parking spaces, a large fenced-in lot, and two curb cuts on Lake St. Only a mile from Main St., residents have access to a variety of restaurants, grocery stores, retail shops, medical facilities, and local businesses. This transaction marks only the third ownership change since the building’s initial construction.
The sale of the Lake Street Apartments was a firm-wide effort, requiring months of attention, site visits, and dedication from all Downtown Realty team members. Their collaborative efforts resulted in a successful transaction.
Headquartered in Bedford, Downtown Realty specializes in serving the needs of investment property owners, commercial landlords, and developers across the retail, industrial, and multifamily sectors throughout Northern New England.
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
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.
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
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
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.