SALEM, NH - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently brokered the sale of Brook Village West, a 169-unit market rate apartment community in Salem, New Hampshire. The transaction represents the largest multifamily sale in New Hampshire so far this year.
The property sold to Forest Acquisition Fund, LLC, a Massachusetts-based property management and asset-repositioning firm with a portfolio of 4,000 units in Massachusetts, Connecticut, Rhode Island, New Hampshire, and Florida. The seller was represented by ARA-New England’s Senior Broker, Terence Scott.
“Brook Village West is centrally located within one mile of the Massachusetts border, offering excellent access to I-93, major employers, and retail centers,” said Terence Scott. “The property will undergo major upgrading of the units and common areas to compete more efficiently in the Salem market.”
ARA New England reports that rental rates have been steadily growing in the Southern New Hampshire region, with occupancy averaging 97%. This can be attributed to the steady job growth in the state, which boasts a 5.2% unemployment rate, 3 percentage points below the national average.
Occupancy at the time of sale was 98%.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366; locally, Kaitlyn Fox, at kfox@ARAusa.com or 781.238.4819.
About ARA
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in average annual production volume of $5.5 billion in real estate transactions since 2005. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com