MANCHESTER, 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 a 27 (+/-)- acre development site, fully permitted for 204 units in Hooksett, New Hampshire. The property sold to SMC Management Corp, a Boston-based real estate investment and development firm with assets in New England and Texas. The seller, Green View Management, LLC, was represented by ARA-New England’s Senior Broker, Terence Scott.
The site is called University Heights and is part of a large 382-acre mixed-use development that includes single-family housing, condominiums and commercial space. University Heights is located less than 6 miles north of Manchester - New Hampshire’s largest city, and the state’s economic and cultural capital. “The area has experienced solid rental housing growth in recent years as more employers relocate to New Hampshire due to the low tax environment and the quality of life which are both stimulating demand for rental housing,” said Terry Scott.
ARA New England reports that rental rates have shown stability in the Southern New Hampshire region, with Manchester demonstrating an average occupancy of 96% with very limited concessions. This can be attributed to the steady job growth in the state, which boasts a 5.2% unemployment rate, 3.3 percentage points below the national average.
Additionally, the property abuts Route 3, within 5 minutes driving time of Interstate 93, and is situated on a hillside offering excellent views of the Merrimack River valley.
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.