Apartment Complex Sells for $54M

NASHUA, NH-Princeton Properties has acquired Boulder Park, a 482-unit apartment complex for more than $54 million. The value-added deal gives the new owner a class B complex that is more then 90% leased.

Andrew Chaben, the chief executive officer with the Lowell, MA-based buyer, tells GlobeSt.com that competition for the garden-style apartment community on Kessler Farm Drive was fierce because of the property's location, value added appeal and the large number of units up for sale. "Existing, well-placed multifamily opportunities continue to be a coveted asset class for those in the business of placing equity," Chaben says. "The opportunity to add value combined with the size and location all contributed to the fierce competition."

He says at least two other national investors competed for the property but it was Princeton's $54.3-million offer along with its solid reputation as a deal closer that sealed the transaction. The investment group also owns a 341-unit property here called Pheasant Run Apartments along with 16 other apartment complexes in Southern New Hampshire and northern Massachusetts

Chaben said Princeton plans to invest $1.7 million to upgrade the property, including planned renovations to the complex's clubhouse, pool area and infrastructure. Built in 1983, Boulder Park is composed of 14 three and four-story garden-style buildings and a two-story community center on 39.986 acres with amenities that include a clubhouse with a fitness center and lounge, swimming pool, two tennis courts, storage units and laundry facilities on each floor.

The property, which is comprised of one, two and three-bedroom units, is more than 90% occupied at lease rates that run from $1,000 to $1,300 per month. CB Richard Ellis' Northeast Multi-Housing Team, which includes Simon Butler, Biria St. John and Chris Sower, represented the seller the Hayman Co., headquartered in Troy, MI and also procured the buyer.