News: Front Section
Posted: May 17, 2024
Elm Grove Companies leads
acquisition of Highfield Commons
Rochester, NH Real Estate Investment firm Elm Grove Companies has acquired 96 townhome style apartments, 6 fully permitted along with 40 future single family building lots and a large to be developed tract of land for a combined purchase price in excess of $30 million.
The 96 apartments, known as Highfield Commons, were built in 2016. They are attached three bedroom, two and a half bath townhome style units with 1 car garages.
The apartment acquisition was accomplished through a strategic joint venture with an equity capital partner and the assumption of in place debt. The land acquisitions were acquired solely by Elm Grove Companies related entities using balance sheet capital.
“Elm Grove is excited to grow its footprint in a city which welcomes developers and with whom we have a long-standing working relationship,” said Elm Grove Companies co-founder and head of investments, Newton Kershaw III. “Rochester, NH has experienced immense growth and improvement over the fifteen years we’ve been invested here. This acquisition brings our Rochester unit count to in excess of 300 apartments, and we are excited to be working on two additional local multifamily communities, currently in the pre-development phase.”
Tags:
Front Section
MORE FROM Front Section
Newmark negotiates sale of 10 Liberty Sq. and 12 Post Office Sq.
Boston, MA Newmark has completed the sale of 10 Liberty Sq. and 12 Post Office Sq. Newmark co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble,
.png)
Columns and Thought Leadership
Five ways to ruin a Section 1031 Like-Kind Exchange - by Bill Lopriore
While there is some flexibility when structuring a like-kind exchange, some important requirements must be met. A mistake can ruin your exchange. Here are five mistakes to avoid:
How COVID-19 has impacted office leasing - by Noble Allen and John Sokul
To say that the effects of COVID-19 has transformed office leasing is an understatement. When COVID-19 was at its peak, office spaces were practically abandoned either through governmental mandates or through actions taken by businesses themselves.
Four tips for a smooth 1031 Exchange - by Bill Lopriore
Many real estate investors do not understand the specific requirements that must be met to secure the benefits of a tax-deferred 1031 exchange. For example, the replacement property must be identified within 45 days of the closing date of the relinquished property.
Make PR pop by highlighting unique angles - by Stanley Hurwitz
Coming out of the pandemic, a client with three hotels in Provincetown, Mass., needed ways to let the world know his properties were open for business for the 2021 tourist season.
