Boston-area value-add apartment community for sale

Monday, June 13, 2016

Update: HFF closed the sale of this property.

HFF is marketing on behalf of the owner an opportunity to purchase The Fairways, a scalable, premier, 849-unit apartment complex for sale in the Greater Boston market, one of the nation’s top investment markets.

Located at 1 Forest Ridge Road in Derry, New Hampshire, The Fairways comprises 31 apartment buildings and one storage facility situated on more than 106 sprawling acres, providing a secluded and pastoral setting. The investment property for sale features 12 beautifully designed floor plans with amenities such as spacious living areas and bedrooms, private balconies/patios, designer kitchens, walk-in closets and more. The community setting is further augmented by a central clubhouse with an indoor heated swimming pool, outdoor swimming pool, fully equipped athletic center, billiards table, Jacuzzi, sauna and lounging deck in addition to a fenced in bark-park, two tennis courts, a playground, barbecue areas, an outdoor pavilion, and convenient access to mountain bike/walking paths and a neighboring golf course.

Apartment Property Investment Highlights

  • Proximity to Major Employment Hubs: The multi-family property’s exceptional location in Derry, New Hampshire, generates demand from easily accessible employment hubs, including Boston (45 minutes), Manchester (15 minutes), Lowell (15 minutes), Lawrence (15 minutes), Nashua (20 minutes) and Boston’s Route 128 office corridor (30 minutes). Proximity to these major employment hubs, as well as a wealth of recreational and cultural attractions, draws a deep workforce that enjoys the area’s high quality of life and low cost of living.
  • Scalable Investment with Cash Flow Durability: A strong operating history boasting consistently impressive occupancy and rent growth illustrates the superior supply and demand merits of The Fairways and also the basis from which to drive enhanced revenue through the continuation of a successful value-add program. Upgrading unit finishes and community features will allow for rental increases supported by robust area demographics. The apartment community is currently 95.9 percent occupied and 97.9 percent leased (as of 6/7/2016). The Fairways has averaged 6.1 percent NOI growth each year since 2010. The Fairways size and impressive historical occupancy provides a buyer the pricing power to aggressively push rents through a comprehensive repositioning program with a reduced risk of being underpriced by neighboring assets. Furthermore, the lack of new supply of multi-housing assets within the market and expiring affordable component at the property allows a buyer substantial upside and the ability to further push top line revenue.
  • Affluent Suburban Location: Derry, with its ease of access and traditional New England charm, has experienced tremendous population growth in comparison to surrounding areas – 11 percent over the past 10 years. Coupled with a lack of new construction supply, the demand imbalance will continue to strengthen fundamentals. Residents of Derry enjoy its convenient access to Boston and New Hampshire’s two largest cities, Manchester and Nashua, and on average earn a household income of $97,636 per year.
  • Demand Driver - Education: The fourth most populous community in New Hampshire, Derry offers residents the opportunity to attend a top notch private secondary school, Pinkerton Academy. Set on a 120-acre picturesque New England campus, Pinkerton Academy serves approximately 3,100 students making it the largest high school in New Hampshire. One of America’s oldest private schools, Pinkerton Academy acts as a significant draw for residents with children at The Fairways.

With proximity to major employment centers in the Northeast in addition to cash flow durability and lack of supply within the market, The Fairways presents investors with the opportunity to purchase a premier, scalable apartment community for sale within the Boston MSA. For more information on this commercial property for sale, contact Matthew LawtonChristopher Phaneuf and Mark Campbell.

By Topics