Kelleher, Pentore and Peck of Horvath & Tremblay sell 106 units in Milford, NH for $28.15 million

Milford, NH Dennis Kelleher, John Pentore and William Peck of Horvath & Tremblay have completed the sale of Longley Place I & II (106 multi-family units). The trio exclusively represented the seller and procured the buyer in the transaction. The asset sold for $28.15 million which represents a 6.59% cap rate and $265,566 per unit. 

Longley Place I & II are located at 15 Powers St. and 14 Merrimack Rd. The well-maintained properties are located on the town’s east side and are 1.4 miles apart; both properties offer access to downtown and the neighborhood’s primary roadways. Longley Place I & II contain 106 residential units comprised of 92, two-bedroom/1.5-bathroom townhouse units, six, two-bedroom/1.5-bathroom townhouse units with attached garages, four, two-bedroom/1.5-bathroom deluxe townhouse units with attached garages, and four, three-bedroom/1.5-bathroom townhouse units with attached garages in 175,234 total s/f on a combined 18.14 acres of land. The direct entry townhouse units offer full basements, storage space, individual mechanical systems, and laundry hookups for a washer and dryer. The units are separately metered for electricity, central air-conditioning, oil-fired heat, electric hot water, and domestic water and sewer. 

The properties have on-site surface parking for residents and guests, and 14 garage stalls. 

Longley Place I & II are assets in a growing and high demand real estate market that offers additional upside. The opportunity exists to drive rental rates through programmatic upgrades and renovations to the unrenovated units, allowing the new owner to maximize rents in a supply constrained market. 

Both Longley Place I & II offer a private and secluded setting on the east side of Milford with quick and convenient access to the center of town. 

Both Properties are seconds from the area’s primary commercial and commuter corridors (Nashua St., Mount Vernon St. and Amherst St.) which are home to national and local retailers, numerous dining options, entertainment venues, area employers, schools and parks. The Properties are positioned on the east side of Milford and offer convenient access to the area’s primary roadways including NH Highway 101, NH Routes 13, 101A, and 122. Additionally, the Nashua Transit system, which offers service throughout Nashua and points north and south can be picked up approximately 4-miles away at the Walmart in Amherst. The Portfolio enjoys proximity to Nashua (13-miles away) and Manchester (15-miles away), southern New Hampshire’s largest markets.