Elm Grove acquires 66 NH apartments for $8 million
Brady Sullivan sells Londonderry, Litchfield units in investment deal
The deal involved equity partners, which is a first for Elm Grove Properties, says managing principal Newton Kershaw III.
A company owned by Elm Grove Companies has acquired 66 apartments in Londonderry and Litchfield from Brady Sullivan Properties for $8,050,000.
The acquisition of the property from Brady Sullivan Southside Manor LLC includes 48 apartments on Stonehenge Road in Londonderry and 18 apartments at 15 Woodlawn Drive, in Litchfield.
Elm Grove managing principal Newton Kershaw III said the “complex” acquisition involved 10 separately deeded parcels and three capital sources – equity funding from a syndicated entity formed by Elm Grove as well as two sources of debt procured by Patrick Brady of Cornerstone Realty Capital.
Kershaw said the acquisition is a “paradigm shift” for Elm Grove “from sole ownership of multifamily real estate assets to one in which we are able to benefit not only ourselves, but also equity partners seeking exposure to real estate.”
He said the firm “had more interest from equity investors than we were able to place in this investment,” and that “underscores Elm Grove's premise that there is an under-served market for those seeking local exposure to hands-off real estate ownership as part of their investment portfolio – a focus on long-term cash flow rather than speculative investment."
Manchester-based Elm Grove has four other offices in New Hampshire and Massachusetts and owns and manages over 1,300 apartments.