"It's a win/win situation for both parties," Biria St. John, vice president for CB Richard Ellis' Northeast Multi Housing team, tells GlobeSt.com. "The properties were soft because the entire market is soft. The reason the market is soft is that there are a lot of first-time home buyers in the area, and it's impacting the rental market."

But St. John also thinks that it's a wise investment for Cornerstone as the market bounces back. "For 'A' construction, it's a good buy. We believe that the market will strengthen and we're seeing occupancies improve. The Route 3 expansion will have a positive impact on the southern New Hampshire market."

SSR purchased the property for $104,000 per unit in 2000 and turned it over at $118,000 per unit. "It was a quick rollover for us, quicker than usual," says Bob Norberg, senior asset manager for SSR Realty Advisors. The return on the sale will not be going back to investors, but instead will be used to bolster a separate fund. "The investment is not going away, it's going to be deployed into another fund," he tells GlobeSt.com.

Located on the banks of the Merrimack River, Heritage on the Merrimack is a gated class A apartment community that was completed in 2000. The property consists of eight garden-style apartment buildings ranging in size from two- to three-and-a-half stories. The complex contains a mix of one- and two-bedroom units with an average of 953 sf. Amenities include a clubhouse/leasing center, a fitness facility, heated outdoor pool, a media room and a business center. St. John and Simon J. Butler, senior vice president/partner, exclusively represented SSR Realty Advisors and also procured the buyer.