St. John and Butler of CBRE represent Hilltop Apartments LLC and WPN Property LLC in $88.5 million sale

Manchester, NH The CBRE Capital Markets team completed the $88.5 million sale of Hilltop Ridge and The Highlands apartments at Washington Park.  

Hilltop Ridge and The Highlands at Washington Park is a 640-unit apartment portfolio spread out over 40.8 acres off Front St. and I-293. CBRE multi-housing experts Biria St. John and Simon Butler exclusively represented the seller, Hilltop Apartments LLC and WPN Property LLC, and procured the buyer, an affiliate of The DSF Group. Additionally, the CBRE Capital Market’s team of Brian Eisendrath, Cameron Chalfant and John Kelly procured the financing for the buyer through an agency execution. 

 

 

“We are pleased to have facilitated the sale of Hilltop and Highlands on behalf of our client who had developed and owned the property since they built it in the early 1980s,” said St. John. “Our client was a tremendous steward of the asset, having invested significant capital into the properties over the past five years. With the growth in the region’s employment market in recent years and the continued growth expected in the future, DSF should realize strong revenue growth, particularly when combined with the additional planned improvements.” 

 

 

 

DSF plans to operate the properties as one community in order to gain operational efficiencies.  Each of the buildings have new roofs, exterior siding and windows. In addition, ownership has renovated nearly 90% of the apartment homes with upgraded kitchens and baths. 

DSF plans to further enhance the property with their signature Halstead amenity program. “We look forward to introducing our Halstead brand to this robust rental market,” said Josh Solomon, president of DSF.