Portsmouth Multifamily Deal Marks Buyer’s Entry into the Market
Marcus & Millichap closed the sale of Monarch Village, a six-building multifamily property in Portsmouth, NH. The sale price was $9.4 million.
“Monarch Village is a recently renovated, well-located property,” said John Craig, director investments in Marcus & Millichap’s Boston office. “We conducted 15 tours with buyers from multiple states. The winning buyer was looking to enter the Portsmouth market and leverage its other southern New Hampshire assets.”
Craig and Tanner Proper of Marcus & Millichap, in association with Thomas Shihadeh, the firm’s broker of record in New Hampshire, marketed the property on behalf of the seller, Monarch Village LLC, and procured the buyer, Avise Properties.
“Portsmouth and southern New Hampshire continue to attract strong buyers who want to avoid potential rent control in Massachusetts and see the opportunity for more significant rent growth,” added Proper.
Located at 3548 Lafayette Rd., Monarch Village was built in 1955 and underwent extensive renovations in 2023 and 2024.
Other News
USC Casden Report Sees Persistent Affordability Issues Across SoCal Rental Markets
Southern California’s major apartment markets will see rent increases for the next three years, according to this year’s University of Southern California Lusk Center for Real Estate Casden Real Estate Economics Forecast. However, the forecast finds signs of progress on affordability in some markets. Across five Southern California rental markets–Los Angeles, Orange, San Diego and...
Learn more
Chartwell Capital Partners Buys 180-Unit Apartment Property in Vancouver, WA
Chartwell Capital Partners has acquired Oak Creek, a 180-unit multifamily property in Vancouver, Washington. Built in 1987, the property is located at 11412 NE 49th Street, providing convenient access to Portland and downtown Vancouver. Associate Director Peter Dudunakis, Senior Director George Pallis, Managing Directors Benjamin Johnson and David Sorensen of Berkadia Seattle represented the unnamed...
Learn more
Newmark Arranges Sale of 226-Unit Apartments in Chicago Suburbs
Newmark has facilitated the sale of Ashford at Geneva, a 226-unit multifamily community in Geneva, Illinois. Newmark Senior Managing Directors Susan Lawson, Liz Gagliardi and Chuck Johanns represented the seller, an investment entity controlled by Oak Residential Partners, in the sale to the buyer, an affiliate of Equus Capital Partners, Ltd. The property was approximately...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout