People and Property: Real Estate and Construction News From Around NH

Highfields Commons in Rochester has been acquired by Elm Grove and will be renovated.

Elm Grove Co. has big plans for Rochester housing with $30M more invested

Elm Grove Companies, a real estate investment firm based in Hooksett, likes doing business in Rochester.

“We have been in Rochester since 2009,” said Newton Kershaw III, one of the company’s founders and principals. “We have found the city to be development and business friendly. And historically, as costs rise, Rochester is a good location for people looking for an affordable place to live, and one that they can commute to their jobs from. Rochester is a great community to do business with.”

The owners of the Country Brook (Hemingway Drive), affordable housing apartments, recently made another big investment in Rochester.

Kershaw III, of Elm Grove Companies, said it has acquired Highfield Commons (2 Pierce Drive), with 96 townhome style apartments, plus a parcel adjacent with 40 future housing lots, six already fully permitted, and another large parcel of land Kershaw said their intent is to use to create workforce housing. The total purchase price is in excess of $30 million.

“Elm Grove is excited to grow its footprint in a city which welcomes developers and with whom we have a long-standing working relationship,” said Kershaw III. “Rochester has experienced immense growth and improvement over the 15 years we’ve been invested here. This acquisition brings our Rochester unit count to an excess of 300 apartments, and we are excited to be working on two additional local multifamily communities, currently in the pre-development phase.”

Kershaw said Country Brook, which is also 96 units, were built in 1986. He said Elm Grove did extensive renovations and created affordable housing units.

“It was a great example of affordable housing,” he said. “We were able to use income averaging in the formula, making the apartments available for people who are 20%-80% of the average medium income rate. That gave us a wider range for the properties.”

More Rochester news:Developer lashes out at city after giving up on plan for Dollar General store

Kershaw said Elm Grove acquired Highland Commons late March, along with the other properties and plan a three-stage approach. He said the townhouses are already occupied.

“The apartments, built in 2016-2017 are in good shape,” he said. “They are mostly three-bedroom townhouse units with 2.5 baths and a garage underneath. There are a couple of two-bedroom (units), I believe.”

The land with the six approved lots are considered pre-development and will be the next phase. Kershaw said Elm Grove plans to develop all 40 as single-family homes.

“I think the six can be completed in about 18 months,” he said. “The additional lots will be developed over three years.”

The final piece of the property is untouched at the moment.

“Then there is the 66.7 acres parcel of land,” he said. “We will look at that last. Our intent right now is to develop workforce housing.”

Elm Grove currently owns and manages 1,800 apartments, both market rate and affordable, according to the company. — Karen Dandurant, Foster’s Daily Democrat

Ellen Kremer Christian

Ellen Kremer Christian joins Badger Peabody & Smith Realty  

After decades of spending time with her family in the White Mountains, Ellen Kremer Christian decided to move her life and real estate business to Glen, New Hampshire and immerse herself in the Valley she has loved starting back when she was a 10-year-old camper in Bridgton Maine.

Fortunately, when Christian made the move, she brought her 24 years of real estate experience from Fairfield County, Connecticut, to Badger Peabody & Smith Realty where she uses her extensive real estate knowledge and marketing strategies to help her clients “achieve their real estate goals, no matter the price point.” At her firm in Connecticut, Christian was consistently a top producing agent.

“My goal as an agent,” she says, “is to provide an informed, calm, and steady experience for my clients throughout the real estate process. Whether you are a seller or a buyer, you will receive the highest level of expertise, analytics, follow-through, and negotiation skills to achieve your best real estate result. The cornerstone of my business is developing longstanding relationships. My commitment to you goes long after the sale and long after the keys have been delivered. I chose to join Badger Peabody & Smith because of that shared philosophy.”

“Ellen is an invaluable addition to our team of full-time agents. With more than two decades of experience, her in-depth knowledge of today’s real estate market helps take the stress out of the process for our clients and customers,” says Vice President of Sales, Brendan Battenfelder. “They know they are in good hands with Ellen, as she expertly guides them every step of the way, making their experience purchasing or selling a home an enjoyable one.”

Christian’s professional designations include ABR (Accredited Buyer Representative); SRES (Seniors Real Estate Representative); Global Luxury Marketing Specialist; and Relocation Specialist.

Christian will be working out of the North Conway office of Badger Peabody & Smith Realty and can be found online at BadgerPeabodySmith.com

Low and moderate income homeowners property tax relief program open through June 30

Applications for property tax relief through the Department of Revenue Administration are open through June 30. 

Single homeowners who make up to $37,000 a year and married couples who have an income of $47,000 can apply for a reduction on their local property tax bill if their home is valued at less than $220,000.

The Low and Moderate Income Homeowners Property Tax Relief program provides a slight break to a homeowner’s annual taxes by reducing the amount they owe to the State Education Property Tax. 

However, this portion of a homeowner’s tax bill is often the smallest. 

Out of total local revenue collected by New Hampshire communities, property taxes makes up half, while the statewide education property tax accounts for 5 percent. 

Last year, nearly 6,000 homeowners received $900,000 in relief total, which meant a $150 award on average. 

In the State House, a bill to expand eligibility for the program was killed. House Bill 569 would have increased guidelines to $65,000 for a single person or $77,500 for someone who is married. The policy also proposed changes to retaining the statewide education property tax and establishing a committee to study the property tax relief program.  

To apply homeowners must submit their individual tax return and final property tax bill for 2023 along with the application. Applications are available online at www.revenue.nh.gov/gtc or to file a paper claim visit www.revenue.nh.gov/forms/low-moderate.htm. All claims are due by June 30. — Michaela Towfighi, Concord Monitor

Coliseum Senior Residence phase III construction nears completion

Applications are now being accepted for Phase III of  Coliseum Senior Residence, located at 7 Coliseum Avenue in Nashua, NH which is nearing completion and will provide 32 brand new apartments available for those age 62 and over.  The new addition was developed by Housing Initiatives of New England and is managed by Stewart Property Management. The original complex began in 1990 and has become a well-known and popular senior living option.

These new senior living apartments are 1-bedroom apartments each with an average of 585 sq. ft.  The rent is $1365 per month and includes heat and hot water.  The new addition also offers a few 2-bedroom apartments.

Coliseum Senior Residence features include air-conditioning, on-site parking, library and sitting areas, smoke-free housing, an exercise room, activity rooms, elevator, a lounge with fireplace, postal room, on-site laundry on each floor, outdoor seating and garden space.

Coliseum Senior Residence is located across from the Nashua Mall Plaza and many area shops and services within walking distance. The location is perfect for senior living with its close access to services and has plenty of outdoor space. A Resident Service Coordinator will be available to all residents to assist with needed services allowing residents to age in place.

Stewart Property Management is accepting applications for the apartments that will be ready for occupancy in June of 2024. The Stewart Property Management team will assist each potential resident and guide them through the application process. Income limits do apply to this project and those interested are encouraged to start their application as soon as possible, as it is expected to fill up quickly.   This complex is handicapped accessible and an Equal Housing Opportunity facility.

Applications and more information are available at www.ColiseumSeniorResidence.com, or by calling 603-641-2163.