CBRE Sells Hilltop Ridge and the Highlands Apartments to DSF Group for $88.5 Million

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BOSTON – CBRE Capital Markets team announced the sale of Hilltop Ridge and The Highlands Apartments at Washington Park in Manchester, NH.

Hilltop Ridge & The Highlands at Washington Park is a 640-unit apartment portfolio spread out over 40.8 acres off Front Street and I-293 in Manchester, NH. CBRE multihousing 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 1980’s,” said CBRE’s 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,” stated Josh Solomon, President of The DSF Group.

With over $2.6 billion invested in real estate since 2000, offices in Boston and Washington D.C. and decades of deep-seated experience, The DSF Group strives to create unique, award-winning properties. The company acquires well located multi-family properties near transportation hubs and then reposition the properties through the implementation of well thought out renovations, amenities and technology.